DEV Community

Cover image for What is Blockchain
Vedant Chainani
Vedant Chainani

Posted on

What is Blockchain

Hello πŸ‘‹. You have at least heard about the excitement surrounding NFTs, and Web3 and Blockchain have become internet slang. This is the beginning of a new series of Web3 Threads in which we discuss all subjects pertaining to the fundamentals of Web3 and the technology underlying them. The postings in this series will include a succinct introduction to the subject and a straightforward explanation in everyday language.

πŸ“ Blockchain Definition

Blockchain is a distributed, immutable ledger that makes it easier to record transactions and track assets in a business network.


πŸ“ Structure of Blockchain

  • Blockchain groups information into units known as blocks, which hold sets of information.

  • When a block's storage capacity is reached, it is closed and linked to the previous filled block, producing a data chain known as the blockchain.


πŸ“ How secure is Blockchain?

  • The hashes of the blocks are responsible for the blockchain's immutability. A hash is analogous to a fingerprint. Humans all have unique fingerprints. Hashes serve as unique identifiers/fingerprints in the case of blocks.

  • Each block is digitally signed with a one-of-a-kind hash generated by a hashing algorithm/function.

  • These hashes are generated using the current block, the preceding block, and a timestamp, and each change in input results in a completely new hash.


πŸ“ Characteristics of Blockchain

  • Decentralized
  • Transparent and open
  • Enhanced Security and immutability

πŸ“ Types of Blockchains

  • Public blockchains - Fully decentralized and open to public.
  • Private blockchains - Requires permission to join the network.
  • Hybrid blockchains - Combines features of both Public and Private.
  • Consortium blockchains - Private Blockchain for Orgs

For more exciting brief web3 threads, follow me.



Top comments (0)