The Best Way to Understand Blockchain Technology
Understanding blockchain technology can seem complex at first, but let's break it down into simpler terms: 1. 1) Imagine a Digital Ledger: Think of a blockchain as a digital ledger or record book, similar to a spreadsheet, where transactions are recorded. 2. 2) Decentralization: Instead of having one central authority (like a bank) controlling the ledger, blockchain is decentralized. This means the ledger is stored on many computers (nodes) around the world. 3. 3) Blocks: Transactions are grouped together into blocks. Each block contains a list of transactions, like pages in a ledger. 4. 4) Chain of Blocks: These blocks are linked together in a chain, with each block containing a reference (hash) to the previous block, forming a continuous chain of blocks – hence the name "blockchain." 5. 5) Security Through Crypt...