Blockchain | What in the Hell Is it?

I know many people have answered this question, but I’m bored, and I need to improve my writing skills, so here comes my definition of blockchain.

But before that, let’s look at IBM’s definition just because:

According to IBM, “blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network,” (IBM).

Thank you, IBM, but that was too complex.

Let’s break it down into three words:

“shared, immutable, and ledger.”

Shared

This thing we call a blockchain is a network that can be accessed by literally anyone with an internet connection(Both you and me). This is because everyone has a copy of it.

Immutable

This thing we call a blockchain can never be changed or edited, kinda like something written in stone. It’s permanent and cannot be altered (theoretically, there are attacks and stuff but let’s not talk about that for now).

Ledger

This thing that we call a blockchain (is this a poem? There’s a lot of repetition here) is a record where transactional data is stored.

Let’s combine it together to make…blockchain

Now, if we put all these words together, A blockchain is a digital record of transactions that cannot be manipulated or changed, and each person has a copy of this blockchain.

Before we move on to how it works, let’s take a brain break cus that was a lot of reading (and writing on my part)…so here’s a bunch of memes:

I’m sorry if that break was too short, but we gotta keep goi-

How are the transactions organized?

To determine how transactions are organized…we need to break it down further: using the word blockchain itself.

Let’s break it Down Even Further.

Block (Pen)

All of the transactional data is stored in chunks called blocks (in a server). Each block has a specific amount of storage, and the number of transactions will go in accordingly (for different blockchains, its different amounts of transactions based on the storage). Once the storage is full, a new block is created.

Chain (Pineapple)

When this new block is created, it is linked to the previous block and goes on forever and ever.

Blockchain (Pineapple-Pen)

Bam. That’s just how this shit works.

Why is blockchain stored like that?

Short Answer: Security Reasons (Immutability)

Long Answer (Not that long, actually):

Each block is linked to one another simply because if someone goes into the blockchain and changes a transaction for selfish reasons, all the blocks that come after that transaction become invalid. Once that happens, it will be easy for people to know when it has been attacked, and they can quickly fix the problem.

This means that to attack a blockchain successfully, you have to change the transaction block you want to manipulate and all the blocks after that (BTW, there is also something called P2P networks that counteracts even if you manage to do that kind of attack as well!

It’s related to the “shared” part of the IBM definition).

Anyways, that’s all the basic stuff you need to know about blockchain!

Next Steps:

The next stop for you would probably be to do research on the components of each block on the blockchain (hashes, nonces, etc.), How mining even works, P2P networks, Proof of Work, etc.

Of course, I will also create my posts on that stuff very soon, so stay tuned for that!

Experts, please correct me as much as possible in order to make this post as accurate as possible (Even if nobody reads it).

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