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What is Blockchain Technology ? An Introduction for Beginners

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You all may have know or have heard about Bitcoin or other cryptocurrencies names. Those all digital currencies are reference to Blockchain  Technology. Simply, Blockchain is a critical element of cryptocurrencies. Because without Blockchain, Bitcoin or other cryptocurrencies would not exist.

Cryptocurrencies was a concept of the domain of cryptography and data structure in computer science. Merkle tree or hash tree is the primitive form of the Blockchain. Ralph Merkle introduced this data structure in 1979. A series of data records (a secured chain of blocks) was created using this Merkle tree and each connected to the one before it. 

When we create a new record in this chain, that record would contain the history of the entire chain and that's how the Blockchain was created. 

Distributed blockchain was intoduced by Satoshi Nakamato in 2008 and this was the backbone of Bitcoin.

Let's try to undersatnd how blockchain works. Blockchain always keeps a record of all data excnahges, called as ledger and every data exchnage named as a transaction. Verfied transaction is added to the ledger as a block.

Each and every transaction is verified by a distributed system. After the transaction verified and signed the transaction is added to the Blockchain.

Mainly, when someone is  going to start a transaction that person get a unique identity and those unique identity is brought by a set of cryptographic keys named Private Key and Public Key, with the combination of those keys the relevant person will receive a digital signature.

Private Key provides a ability to  digitally sign and authorize different actions(transfers, withdrawals etc...) on behalf of this identify. Public Key is the wallet address.  Private Key is very important because with this Private Key anyone can access the any of digital assets which are associated with the relevant Public Key.  

Public Key is generated by using sequence of numbers and letters, because of this details of the person who use the Public Key are anonymous and same person can generate many key pairs as his or her wish.

The popularity of crypocurrency is rising and the result of that the Blockchian is moving into the mainstream. Most of technical people predict the Blockchain technology is the future.   


Watch below video to have an instant idea about Blockchain 😝


~ Sudaraka Senavirathne 
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