Success Story/Technology

Understanding Blockchain Technology Made Easy

The creation of blockchain technology grabs the curiosity of many, and soon many more people will understand the technology. In addition, Blockchain Technology is useful for other things like medical records, creating digital documents, and maintaining corporate finances.

What is Blockchain Technology?

Scientifically speaking, a blockchain is a collection of blocks connecting data in a sequence. The block is a collection of data and information collected in a block and hash of the previous block.

When a new block attaches to this chain, they act as connectors forming a blockchain.

In other words, Blockchain is stored in a ledger that records and stores in this record-keeping book (Ledger), which is obtainable to everyone but is unalterable. Thus making it perfectly safe and secure.

Blockchain is attempting to solve the problem of intermediaries, also called third parties; the issue of third parties is that they take a minimum of 3 days to transfer money and charge the fee. Blockchain is trying to do this immediately, and the fee is cheaper than a third party collects.

Imagine a chain of blocks; if you change the details recorded in a particular block, the whole block is not altered. Instead, the details are stored in a new block. So, for example, N changed to P at a specific date and time.

So in simple words, it is a non-destructive way to trace data or hack the data over time.

ELBERT EINSTEIN once said if you cannot explain it simply, you do not understand it well enough.

The goal of this article is to understand it simply so that everyone understands well enough.

Realtime Examples of Blockchain

Let’s do this homework by understanding the example, which I will explain in a simple way.

Carlo has a conflict over who owns a piece of land that had been in the family for years. How will Blockchain work in this dispute?

Blockchain uses the type of method where an entry is made on every purchasing and selling process. So it shows first, Nick had owned the property in 2015, then sold it to Christian in 2017. Then a new entry is made in the Ledger, and so on — every change of possession is made and put in the Ledger until it was purchased from their father in 2020 by Carlo.

We can see that Carlo is the current owner of the property.

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