No really wth is a blockchain?

You probably heard the term blockchain before & even if you haven't don't worry I'm here to shed some light on the subject. I'm personally challenging myself to have a better understanding of the phrase Blockchain. If web 3 interest you I believe starting with the basics will set you up for success. Let's learn the fundamentals together.

Who Popularized The Word Blockchain?

The term was introduced to us by Satoshi Nakamoto in 2009. We really have no idea who Nakamoto is but its fun to speculate. Satoshi wasn't the first to create the term though. It's actually based off the work of Stuart Haber, W. Scott Stornetta, and Dave Bayer that dates back to 1991. Satoshi implemented blockchain with bitcoin which made it the very first decentralized digital currency. Bitcoin solves the double-spending problem without the need of a trusted authority or central server. Since the creation of Bitcoin, it inspired a whole collective of crypto currencies to rise such as Ethereum, Solana, Polygon & more.

Satoshi wrote up a white paper for his creation of "Bitcoin". In fact, the words block & chain were used separately in Satoshi's OG white paper, but were eventually popularized as a single word, blockchain, by 2016. Have you heard of bitcoin before? I remember the first time I ever heard about "bitcoin" back in 2013. My co-worker at the time Bernard was telling me he was putting all his paycheck toward the coin. My 18 year old self was so naive & I didn't bother to do the same. Big regrets there but oh well we live & learn. I wonder where he is today? I hope he's a bitcoin millionaire!

More on Blockchain

Today we're going to break down the name blockchain. First you have block then you have chain. To keep it super simple a blockchain is just a chain of blocks. Each block holds vital information such as metadata for an image, records of information & can even hold the deed to your house! Knowing this I personally can see how vital this technology can be for society. Imagine keeping the deed to your house safe on the blockchain where as the physical copy could get destroyed by say a house fire. With blockchain tech your house deed is now protected from that said fire.

Let's Get Technical

The blocks hold batches of valid transactions that are hashed & encoded into a Merkle tree. A Merkle tree is a tree in which every "leaf" (node) is labelled with the cryptographic hash of a data block. Each block includes the cryptographic hash of the prior block in the blockchain, linking the two. The linked blocks form what we call a chain. To assure the integrity of a block & the data contained in it, the block is most often digitally signed. Bitcoin uses a proof-of-work system (PoW), where the chain with the most cumulative proof-of-work is considered the valid one by the network.

Let's Simplify It

The blockchain is a shared database that differs from a regular database in the way that it hoards information. Blockchains store data in blocks that are then linked together with cryptography. As new data arrives, it is entered into a brand-new block. Once the block is filled with the data, it is chained onto the previous block, which makes the data chained together in chronological order. This action results in creating the blockchain.

For example with bitcoins case, blockchain is used in a decentralized way so that no single person or group has control. Instead, we all as collective retain control. Decentralized blockchains are unchangeable, which means that the data entered is unalterable. These transaction are permanent & can be viewed by anyone.

Let's Sum It Up

Blockchains main goal is to allow digital information to be recorded & dispensed, but not changed. This is why a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be edited, deleted, or destroyed.

Whew! This information can be a lot to understand but I hope I made it a bit easier for you to grasp the concept of. Over the next 10 years, I predict a lot of companies will start to adopt blockchain technology. Now is a great time to start researching, learning & understanding what blockchains have the power to do! Peace out✌️ my fellow techies I hope this blog entry sheds some light on the term blockchain. Stay tuned for more Web 3, Defi & Crypto content!