Blockchain Introduction and its characteristics
By: Gaurang Jindal
Tags: Blockchain Application, Data Structure Algorithm, Blockchain, Technology, Blockchain Technology

Almost all of us have heard about the term blockchain and cryptocurrency i.e bitcoin let us explore them.

Before diving directly into the definition of blockchain let’s figure out what blockchain is not.

1.Blockchain: what it is not?

● It is not any type of cryptocurrency.

● It is not any type of framework.

● It is not any type of programming language.

● It is not any type of algorithm

2.Blockchain: what it is?

Blockchain is a distributed technology that consists of blocks connected with each other in a chronological fashion which are made up of blocks stores information like date, time, transaction details on nodes.

Why it is called distributed technology

There are two types of data structure

1. Linear data structure: These are organized in a linear fashion like in an array.

2. Non-linear data structure: These are linked with each other which are composed of nodes with their associated address.

Now consider a computer as a single node that has its own computation, speed, Ram, and memory, and all the nodes (computers) are connected with each other in chronological order to form a network.

Thus, we can now use all nodes to produce the same output with greater computation in a network. This is how blockchain has a distributed network.

What is a node?

A node is a computer that’s connected to the network through a client that’s in charge of relating and validating transactions. It’s the part of the blockchain that records either the partial or full data about the recent transactions.

Let’s get five in more technical detail so let’s break it down in two things

Block: It is the major part of a blockchain that stores all the information of the network like date, time, the transaction of bitcoin, your personal data can be stored with a hash value.

Blocks composed of three parts

● Data

● Hash value

● Previous hash value

2. Chain: all the blocks are linked with each other with the hash value In chronological order.

The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” — Don & Alex Tapscott, authors Blockchain Revolution.

3.Blockchain: Characteristics?

● Speedy: Transaction in a blockchain does it take much time due to its peer to peer network property. Suppose you want to send money internationally thus it will take a number of days because it involves bank to process the payment and verifies it. With Blockchain, sending money can be done anywhere and can receive as soon as the network has processed the payment this leads to saving a lot of time and extra money.

● Transparent: The data entered into the blockchain network is considered public, all the details are embedded within Asa whole you may have your own address and anyone can see it but one can detect that this address belongs to you. No information can be changed without letting other parties know.

● Immutable: Data in blocks are secured with their hash value and a block consist of data, hash value and previous block hash value to stay connected, if we change a single bit of data it corresponds to change in hash value so in this case, a new block is created with the information which blocks information is changed and at what timestamp. Every 10 minute it self audit the network and all information received in 10 minutes interval is tested and added upon verification.

● Decentralized technology: Thus we have a number of nodes connected with each other and every node holds some value in their blocks which is publicly available and is accessed by the private key and each to process each transaction or information we need the permission of other parties, so it means their no one person who controls this technology.

● Less failure: In this decentralized network when a single bit is changed by anyone it adds a new block to the network and this information is copied to every block in the whole network every 10 minutes so in the. case of a single node is disconnected or lost the data they can easily recover it from the network from any of the nodes.