If you’ve been following Banking, Investing, or Cryptocurrency over the past ten years, you may have heard the term “Blockchain,” the Smart Contract Record-Keeping Eco-System behind the Network.
Key Takeaways
- Blockchain is a specific type of database.
- It differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together.
- As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
- Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions.
- In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control.
- Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.
What is Blockchain?
Blockchain seems complicated, and it definitely can be, but its core concept is really quite simple. A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database actually is.
A database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information. What is the difference between someone using a spreadsheet to store information rather than a database?
Spreadsheets are designed for one person, or a small group of people, to store and access limited amounts of information. In contrast, a database is designed to house significantly larger amounts of information that can be accessed, filtered, and manipulated quickly and easily by any number of users at once peer-to-peer (P2P).
Course Features
- Lectures 41
- Quizzes 0
- Duration 7 hours
- Skill level All levels
- Language English
- Students 164
- Certificate No
- Assessments Yes
Curriculum
- 10 Sections
- 41 Lessons
- 10 Weeks
- Section IIntroduction5
- Section IIMining2
- Section IIIEthereum1
- Section IVSmart Contracts3
- Section VConsensus2
- Section VISecurity1
- Section VIIAttacks1
- Section VIIIPrivate Blockchain3
- Section IXReal World Application/Usage3
- Section XBlockchain Terms To Know20
- 12.1Genesis Block
- 12.2Difficulty
- 12.3Reward
- 12.4Consensus Algorithm
- 12.5Solidity
- 12.6Hard Fork
- 12.7Ledger
- 12.8Decentralized Ledger
- 12.9Public Ledger
- 12.10Private Ledger
- 12.11Hashes
- 12.12Merkle TREE & Merkle Root
- 12.13Signing a Transaction
- 12.14Hashrate
- 12.15Ether
- 12.16Gas
- 12.17Blockchain Explorer
- 12.18Cryptography
- 12.19Public Private Key Cryptography
- 12.20Transaction Confirmation
