Hey friend, you've definitely heard of blockchain before, or maybe you're interested in learning more. Perhaps, you're an expert who opened this post expecting some random words that might make you realize how much more you know about this topic than me 😉 (well, maybe I'm not that smart).

But let's talk about Blockchain, a term made up of Block + Chain I suppose ledger was replaced with Chain to create a more meaningful name as Blockchain. Otherwise, imagine how funny BlockLedger might sound, although that's not too bad, though."

Why I’m talking about ledger, cause I want to introduce you to Distributed Ledger Technology (DLT)

Distributed Ledger Technology (DLT) is a decentralized database system that enables multiple participants to maintain a synchronized and secure record of transactions.

Blockchain, on the other hand, is a specific implementation of DLT. It is characterized by a chain of blocks, where each block contains a list of transactions. These blocks are linked together using cryptographic hashes, forming a secure and tamper-resistant chain.

Hold on, we're moving towards a clearer vision of blockchain, but there might be some terms that have made you confused. So, let's break them down in simpler terms (to the best of my ability 😇).

Hash - It's a string that denotes alphanumeric numbers with a superpower; you cannot make any sense of it. Basically, you take your information/data and pass it to a hash function that returns an output, which cannot be converted back to its original input.

Block - A block in a blockchain is like a page in a digital ledger, securely recording a group of transactions (some data) and connecting to the previous page for a complete history.

There are a few more terms, actually, many terms that I would not talk about now, but you can understand that a blockchain is a digital book that records a list of data. The book has no owner but has a few guards that make sure anyone can add data to the book by following some rules.

What if these guards betray us and make some malicious changes? Well, we're not dealing with humans; instead, instructions are fed into the computer so that only after a rule is followed, the data can be added, and that same data is accessible to all people.

Till now, we can say the blockchain is a digital book where anyone can write. However, if you give write access to a book for free, people would add anything to it and waste a lot of pages. That's why, in order to write data in that book, you need to pay some money. But, well, the book is stored on machines (one secret: the book is stored on many machines, so if any machine goes down 😉 or shuts down, other machines store the data). There’s no uncle that takes money from you to make you write data in the book.

Rather, the book has its own magic currency/coin. If you want to add data to the book, you need to pass some required amount of tokens along with your data.

Well, I know I've delved deep into a story. Now, let's come to real-world workings. Blockchain is a special software program that uses math and logic to confirm data to be added to the machine storage for a fee in native coins (currency), and that data is stored across multiple machines

Well, I won't share much on this for now, but let's pick some questions you may have and try to find answers to them.

Lets talk with ChatGPT, What are its thoughts?

1. Is blockchain a super cool technology?

   

2. Can blockchain solve every problem?

   

3. I have heard that crypto is fraud, how does this relate to blockchain?

   

4. Do I need to be a math expert or scholar to understand and use blockchain?

   

5. Still, I haven't got the complete understanding of blockchain, what should I do?

   

I understand you may have just caught a glimpse without full clarity, but stay tuned for more simplified information in upcoming posts. My vision for this series is to raise awareness about Blockchain and web3. Let's delve into discussions on how we can harness this technology positively and explore precautions to avoid potential pitfalls. A little awareness can go a long way in preventing scams and wrongdoing.

Feel free to connect with me on @Devendra_116 , Looking forward to engaging with you!