As we all know nothing is permanent in this world. Everything keeps changing and as for the internet, it also keeps evolving 🌐 . If you are using the internet you must have heard the word Bitcoins and Blockchain. but what is blockchain? .

In this blog, I explain to you what is blockchain and how blockchain will change the internet that we are currently using today.

I know many of you are finding it hard to understand blockchain😵‍💫. But I will try to explain it to you in the most simple and easy way.

"Nothing is forever , except change"
                                                 -Buddha

What is Blockchain? 🤔

Unlike every other post on the internet, instead of defining what Blockchain is? we'll understand it first, the problem it solves.

Let's say you want to drink a coffee ☕. but today you are too lazy to make a coffee for yourself and want to try a cold coffee from a new branded Coffee shop that says they use 100% authentic Volcanica Coffee beans from Kenya. then you quickly ordered it online, after sometimes the doorbell rings you rush to open the door because you want to taste the Volcanica coffee, you paid the bill and quickly drink the first sip of the coffee But you don't find the coffee as good as you imagined it ☹️. there's a paper that caught your attention, which came with the coffee it says the coffee was made with authentic volcanica beans and it had a 100% authenticity stamp on it. but you find it hard to believe.

So here comes the important factor "Trust" how can a consumer believe the authenticity of the Product?

The Blockchain is a disruptive technology. but you must be thinking what is Disruptive technology ?. it's a technology that changes the traditional approach into a new enhanced version. here is an example in the olden days we use to see horse carriages running on the roads but now we can see them? No, because The modern vehicles have taken their place because they reduced the human efforts, are faster, provide good safety. So this is a great example of disruptive technology.

A Blockchain is a Distributed immutable ledger. which is completely transparent.

Who invented Blockchain? 🤷‍♂️

The Blockchain Chain was invented in 2008 by a mysterious man who goes by the name of Satoshi Nakamoto he invented Bitcoin which is trending nowadays. it was the first blockchain after that it became so popular because during the 2008's Financial crisis in the USA. bitcoin has provided a trusting environment that was missing because of the crisis.

How does Blockchain work? 🧱⛓️

Blockchain works on the peer-to-peer network. A peer-to-peer network is a distributed network which is connected with each node (Computer) and these nodes can communicate with each other freely. How Does it work? let's see!

suppose you wanted some money from your friend sam and you called her and asked "hey sam! I would like to have some money can you lend me some and I promise to return it after a week. sam replies "Ok but I will add a reminder on my phone to collect the money from you, here take the 1000$ and be sure to return it " you reply with "Yes" and then later sam set a reminder to collect 1000$ from you. but what will happen when sam just changes the 1000$ to 1500$ and ask you to pay it. and poor you who don't have any proof you would feel betrayed. I know it's a childish example but the same things can happen at the bank when you ask for the loans or you might face data tempering. so to solve this kind of problems Blockchain comes in clutch 💪

Blockchain works on a peer-to-peer network which means your data will be stored across many computers. not on a centralized database of a company or an organization, each data are stored under a block just like a cell in our local SQL database.

Each block of the blockchain is connected like a chain. The first block of a blockchain is called Genesis Block it contains the data, hash, and time stamp. but the blocks after Genesis Block contains data, previous hash, and time stamp, and each of them is connected like a chain

The Block of Blockchain is Immutable. which means their data cannot be changed by a third person. Blockchain works on a Proof of work Concept.

Blockchain Uses a SHA256 hashing algorithm to encrypt the data. even when a data's character is changed the whole block's hash will change and which eliminates the problem of "hacking"

The data in a blockchain is stored in a ledger format. that's why it is also referred as a ledger.

Application of Blockchain

The application of Blockchain where it can be used are

• Financial exchanges
• Voting
• Securing personal data
• Securely share medical information
• Non-fungible tokens
• Data storage
• Gaming

Conclusion

So this was a short and simple explanation of Blockchain. Some remorse is going on the internet that Blockchain might not be successful 🤔. Tell me what do you think about Blockchain will it fail? or not.

ps "it's my first blog on hashnode hope you Liked it!😁