Understanding Blockchain: A Revolution Beyond Bitcoin 🔗
Much has been said about Bitcoin, the cryptocurrency that has appreciated considerably in value in recent years. However, the real technological revolution behind Bitcoin is its architecture, the blockchain.
What is blockchain?
Blockchain is a chain of information blocks, made up of a list of records, called blocks are linked and protected by cryptography. Each block contains a record of the transactions made, a time stamp and relevant data from previous transactions.
How does Blockchain work?
- **Transaction: Everything starts when a transaction is made. This transaction is transmitted to a network of computers called "nodes".
- Verification: The nodes then verify the transaction. For example, if Alice wants to send bitcoins to Bob, the nodes check that Alice really has the bitcoins she is trying to send.
- Block: Once the transaction is verified, it is included in a block with other verified transactions.
- Chain: This block is then added to the blockchain, which is a long, continuous chain of blocks. Once a block is added to the blockchain, the transaction is considered complete.
Security and decentralization are the main benefits of blockchain. As the information is distributed among several nodes, it is almost impossible to alter or hack the blockchain. In addition, as there is no central authority, the blockchain is resistant to censorship and manipulation.
Now, of course, blockchain is not just limited to Bitcoin or even cryptocurrencies. It has the potential to revolutionize many sectors, such as finance, health, intellectual property and much more.
To continue learning about new technologies and innovations, take a look at the article on Introduction to Modern JavaScript: ECMAScript 6 and Beyond!