Blockchain Basics 1.0

Blockchain Basics 1.0 (I might be suffering from?Dunning-Kruger effect ??).

With my last article gaining a ridiculously low amount of interest (most would say minute), I thought why not try again! For those few that showed an actual interest, you might be keen to learn a little more or simply ridicule my notions....so here goes!

Let's start from the top or bottom (whichever way you view things), about the basics of blockchain and how it works......sounds exciting right? Well, it's not but keep reading anyway.

Before we start, there's no need to feel lost or confused by the tech talk and terminology that people use to describe “blockchain”! Without going down multiple rabbit holes or going too complex (YET!!...maybe in a few more weeks ??), in essence, a blockchain is just a type of database. That's the basic fundamental!

However, there are some differences between these 'on chain databases' from the 'off chain databases' you will already know and use.

One main difference is that 'blockchains' are append-only. This means that information can only be added (in the form of new blocks on the chain), it’s not like Excel where you can click on a cell and delete or change data entry that's already been input! The second is that each entry (called a block) in the database is cryptographically linked to the last entry. I may have lost you with 'cryptographically', so in basic terms, each new entry must contain a sort of digital fingerprint of the last one, the digital fingerprint is a hash which is a cryptographic proof but for the purpose of keeping things simple, let's call them fingerprints. Since each fingerprint points back to the last one, you end up with a chain of blocks or a “blockchain”.

Additionally worth noting, blockchains are immutable: if you change a block, it changes the 'fingerprint', and since that fingerprint is included with the next block, the next block is changed as well, and this goes on and on. You can’t alter any information without everyone seeing and it being transparent.?

So, let’s sum this up. In a few words, a blockchain is a digital ever-growing list of data records. The list is comprised of many blocks of data, which is organised in chronological order and are linked by secure cryptographic proofs.

And that’s it...basics 1.0.

Now that you know a tiny bit more about the extreme basics of what a blockchain is, you might be interested in some plagurised history that probably has zero use other than if you suddenly go on Who Wants to Be a Millionaire or involved in a pub quiz!

'The first prototype of a blockchain is dated all the way back to the 1990s when computer scientists Stuart Haber and physicist W. Scott Stornetta applied cryptographic techniques in a chain of blocks to secure digital documents from data tampering. The work of Haber and Stonetta inspired the work of Hal Finney, Dave Bayer, and many other computer scientists and cryptography enthusiasts – which eventually led to the creation of Bitcoin, as the first decentralized electronic cash system (or simply the first cryptocurrency).'

Hopefully, you enjoyed it.....I'll aim to post one of these every few days on a different subject/topic each going more complex and in depth and how the applications can work with traditional businesses. If you have a certain area you'd like me to cover then let me know.