What is blockchain?

The fundamentals about blockchain

Beginner 0(0 Ratings) 1 Students enrolled English
Created by Paul Coste
Last updated Tue, 28-Mar-2023
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Course overview

Blockchain is a decentralized digital ledger technology that is used to record transactions in a secure, transparent, and immutable way. Essentially, it is a digital database that stores information in blocks that are linked together in a chain-like structure.

Each block in the chain contains a cryptographic hash of the previous block, a timestamp, and transaction data. Once a block is added to the chain, it cannot be altered or deleted without also altering all subsequent blocks, making the entire chain tamper-proof and secure.

Curriculum for this course
0 Lessons 00:00:00 Hours

Frequently asked question

How does blockchain work?
When a transaction is made on a blockchain network, it is verified by a network of nodes. These nodes work together to confirm the validity of the transaction by solving complex mathematical equations. Once the transaction is verified, it is added to a block and broadcasted to the network. This block is then verified by other nodes and added to the chain.
What are some benefits of using blockchain?
Some benefits of using blockchain include increased transparency, security, and efficiency. Since blockchain is decentralized and tamper-proof, it allows for a level of trust between parties that was previously impossible. Transactions can also be processed faster and more securely since there is no need for intermediaries like banks or financial institutions.
What are some real-world applications of blockchain?
Blockchain has been used in a variety of industries, including finance, healthcare, supply chain management, and voting systems. For example, blockchain can be used to securely store and share medical records, track the origin of goods in a supply chain, or provide a secure and transparent voting system.
What is cryptocurrency and how is it related to blockchain?
Cryptocurrency is a digital currency that uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds. Cryptocurrency is often associated with blockchain since many cryptocurrencies, such as Bitcoin, use blockchain as their underlying technology.
Is blockchain completely secure and hack-proof?
While blockchain is very secure and difficult to hack due to its decentralized and tamper-proof nature, it is not completely hack-proof. In theory, a malicious actor could attempt to take control of a large portion of the network in a 51% attack, which could potentially allow them to tamper with the blockchain. However, this type of attack is very difficult to carry out and requires a significant amount of resources.
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