So, what's the Blockchain actually is?

Any Idea?

Why all people are shouting about it? Then, It must have some great value right?

Cool! Let's see what is this actually.

Blockchain is literally a chain of blocks(nodes), with each block containing some data and interlinked with each other. That data can be some values like transaction reference no, transaction id or we can say any information that can be stored publicly. That means Blockchain is a public(decentralized) database.

Harvard Business Review defines blockchain as "An open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." It is also called a "Peer-to-Peer" network, which means any new transaction added into a Blockchain network, will be accessible to all the peers who are in that network.

If all peers can access the data, then anyone can tamper with it, right? Still, why it's so popular? Curious right?

Let's see why.

Because Blockchain is immutable. This means once new data is added into the block(node), no one can delete or modify it. Wait, but how it is possible?

Let's imagine, there are 5 nodes available in a blockchain network, and all are interlinked with each other.

        <-->  Node 1 <--> Node 2 <--> Node 3 <--> Node 4 <--> Node 5 <--> 

If you want to modify some data from Node 5, then you must need to modify the data from Node 4. Like this, you need to modify Node 3, Node 2, and Node 1. Because every New Node contains the reference data from the previous Node. Let's assume that you modified all 5 nodes. But what if it's a chain of 1 million nodes? What if 10 million nodes? So, it's impossible to modify the data from a Node.

That's why Blockchain is

• Distributed

• Decentralized

• Highly Available

• Immutable

• Transparent

• Secure

This is a basic idea of what Blockchain is. I hope you find it informative.

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Happy Coding!