Welcome back to Tech Diaries⚡
A space dedicated to web3 newcomers in order to facilitate their learning process, and to knowledgeable community members looking to refresh basic concepts 🌿🧠
Vol. 2: Introduction to Blockchain⛓️
Blockchain is a type of Distributed Ledger Technology (DLT) that has disrupted the way we store and transfer data, enabling secure and decentralized transactions.
At its core, a blockchain is a distributed digital ledger that records transactions in a secure, transparent and immutable way.
Each block in the chain contains a collection of transactions. Once a block is added to the chain, it cannot be altered or deleted.
The use of cryptography ensures that the data stored in a blockchain is tamper-proof and secure.
You can think of it as a digital notary that verifies the authenticity and integrity of data, making it almost impossible to hack or manipulate.
Blockchains aim to be decentralized, meaning that there is no central authority controlling the system.
The network of computers that maintains the blockchain is responsible to verify transactions and and then reach a consensus on the state of the ledger.
One of the most significant features of a blockchain is its transparency.
Anyone can view the transactions recorded on a blockchain, making it an excellent tool for fostering trust and accountability.
Blockchains can be used for a wide range of applications, from financial transactions to supply chain management and voting systems.
They offer a more secure, efficient, and transparent alternative to traditional record-keeping methods.
Bitcoin is perhaps the most well-known example of a blockchain in action, but there are many others, including Ethereum, Litecoin, Ripple, Avalanche, Fantom, etc.
As blockchain technology continues to evolve and mature, we can expect to see progressively increasing innovation among applications in the future.
From creating secure digital identities to enabling peer-to-peer energy trading, the possibilities are endless.
To sum it up, a blockchain is a secure and decentralized digital ledger that records transactions in a transparent and tamper-proof way.
Its potential applications are limitless, and it's an exciting technology to watch as it continues to transform various industries💫
Fin!
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