We are starting a “trending” chain of tutorial series that I am sure you will be fascinated about. Yes, you are right, we will be learning about the most hyped technology (in recent years) of cryptocurrency that is blockchain. Everyone is very curious to know – what is cryptocurrency, what is blockchain and how can we earn money from it (the most asked )?
Don’t worry! DataFlair is here to resolve all your queries and confusion related to blockchain and of course how can we miss “bitcoin” (the most favored one). In this tutorial, you will be learning about all the major aspects of blockchain technology including:
- Introduction
- History
- Prerequisites
- Features
- Types
- Working
- Benefits
- Applications
- Bitcoin
- Case Study
Blockchain Tutorial
Let’s start the blockchain tutorial by understanding the definition of blockchain.
What is Blockchain?
Blockchain is a secure series or chain of timestamped records stored in a database that a group of users manages who are a part of a decentralized network. Blockchain is a decentralized or distributed ledger where each node in the network has access to the data or records stored in a blockchain. The encryption of all the important data records in the blockchain is done using cryptographic techniques. This ensures the security of the data in the blockchain.
So, the primary concept behind blockchain technology is having a network of multiple users or computers known as “Nodes” which can have secure and legitimate transactions directly without a third-party mediator. Any authorized node that is a part of the network can access the set of records added as a legitimate block in the blockchain. This makes the blockchain system an immutable, distributed digital public ledger that can record financial as well as other types of transactions. In the sections to follow, we will learn in detail how does blockchain work but before that let’s check the history of technology in the blockchain tutorial.
Blockchain History
Stuart Haber and W. Scott Stornetta introduced the concept of a secured chain of blocks (set of records) in 1991. Later in 2008, a person or a group known by the pseudonym “Satoshi Nakamoto” conceptualized and implemented the blockchain technology. They introduced the concept of using hashing in the blockchain system to make it so secure that no one can make changes or remove the records once saved in the blockchain. The Bitcoin cryptocurrency system uses this blockchain design as its fundamental or base technology.
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