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I am a Software Developer who enjoys writing code and solving problems. I write to share my understanding and insights about the topics that interests me and perhaps learn something new throughout this process
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So, you’ve probably heard of “keys” in the context of blockchain. If you’re like me before I actually got into this space, you might have thought keys were just things that unlocked cool features or apps. Well, spoiler alert: they are, but not in the...
In this article, I am going to demonstrate how to create a Simple Blockchain using JavaScript. So hang in there and watch me create my own Crypto Coin and I am excited already !!!! So let's start with creating a block with basic entities in it, and t...
Blockchain is the biggest opportunity set we can think of over the next decade or so. - Bob Greifeld, Nasdaq Chief Executive
I am sure you might have heard about it or have some knowledge about it by now, if not then well, now you have heard about it. In this article, I aim to explain to you what is blockchain and why you should know about it.
In order to understand something, it's important to know the history. So once upon a time...ahhhhh! No, let's not deep dive into it now. Below is the list of milestones (or checkpoints) to note the rise of blockchain.
Blockchain in simple terms can be understood as a chain of blocks that can carry certain information. Depending on the use case and application, the information can vary. A single block consists of three entities:
To create a block, one needs to solve the complex math problem of finding the nonce that can generate the acceptable hash, which is not so easy. Once the accepted hash is generated after a lot of computations and efforts, the data is signed in the block and it gets connected to the chain. The person which does this is called as miner. In order to make a change in a block, it not only requires to re-mine one block but also all the previous blocks which are linked to it, and hence it's nearly impossible to manipulate blockchain technology.
Once a block is mined, it is then verified by the nodes in the network. Nodes are nothing but the pools of blocks. So as the system is de-centralized, every node has its own copy of the blockchain and no one system would have control over it instead, there is a Distributed Ledger that logs all the actions happening between the blocks which thereby makes the system transparent. The diagram below can help us in understanding this with an example
Credit: ledger.com
The core reasons this technology and underlying applications are being recognized are:
Anything that can conceive of as a supply chain, blockchain can vastly improve its efficiency- it doesn’t matter if it's people, numbers, data, money. - Ginni Rometty, CEO IBM
This rise and Significant features are encouraging developers and engineers to experiment and create systems on the blockchain. The impact is huge as it has a lot more potential than just cryptocurrencies.
source: LinkedIn (2020)
I hope we now have basic knowledge of blockchain but it would be more clear if we could see all of this in working right? Let's not worry, cause I have it covered😎
We can start small and try to understand and build a simple blockchain. Check out how I made a blockchain with JavaScript here.
I would be happy to read your thoughts on this and if you have any feedback /references, you can mention them in the comments belove. Thank you so much for your time. 🙂