A blockchain is a digital ledger(immutable database) that records transactions; distributed across networks. It tracks valuable transactions, including medical, currency, and supply chain transactions.
What is a Blockchain?
A blockchain is a shared digital ledger(immutable database) that records transactions, distributed across networks.
It is programmed to record and track valuable transactions, including medical, currency, and supply chain transactions.
Components of a Blockchain Network?
- Digital Ledger – This is an immutable database that is used to store transactions of value.
- Distributed Network – This enables participants of a network to communicate without going through a centralized point. All network participants have access to the digital ledger.
- Smart Contracts – These are rules stored on the blockchain intended to control the recording & storage of transactions in the ledger.
Types of Blockchain Network?
- Public Blockchain Network – A public blockchain is open to everyone to validate blocks and create transactions; Bitcoin is an example of a public blockchain network accessible to everyone with an internet connection. A public blockchain network has no central authority.
- Private Blockchain Network – A private blockchain network is only accessible to limited parties who are permissioned/ authenticated users. Private blockchain networks have a centralized authority that controls the ledger.
How does Blockchain Work?
A blockchain network is suited to store valuable transactions in a permanent, transparent, and traceable state.
New transactions are added to the blockchain once validated by the network members using a set of conditions/ agreements referred to as smart contracts.
These transactions are stored permanently, meaning no one can delete a record on the blockchain.
The smart contract enables trusted transactions/ agreements among anonymous peer parties, thus eliminating the need for a central authority. For example, cryptocurrencies allow individuals to transact anonymously without a bank/ central authority.
A blockchain network utilizes smart contracts to validate the authenticity of transactions and copies of the digital ledger stored across nodes in the network.
Which is why I’m not sure why I’ve lazily propped framed art on shelves instead of putting a nail in a wall. I truly can’t stand this rug, every day resenting it more, but I haven’t changed it. It took me five years of procrastinating and five minutes on eBay to finally buy a lamp to replace one I inherited and hate. The only things I’ve regretted in life are the things I didn’t do sooner, including making my (not-so) temporary space the best home I can make it.
