Club 75||What is blockchain||Basic information about blockchain

Hello and welcome to my post in our great community.
I am doing very good in my life and i hope you all are also fit and fine

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Today i have come up with a different post in our community its about blockchain technology.I will try to explain a little bit what i know about this technology.

So lets start from the basics.

WHAT IS BLOCKCHAIN?

Blockchain is a continuous growing list of records which is also called blocks.

ITS PROPERTIES

1) The whole list of records/blocks are crypto graphically linked. This is the most important property.

2)It is completely decentralized.

3)It has a distributed database

4)It has an immutable ledger.

Today i will be describing all these 4 properties of blockchain with simple and easy words.
So lets get started with decentralize.

DECENTRALIZE

Source

lets suppose if a person is transferring some money to another person.So this whole process is controlled by a third party or you can say authority or system which is called BANK

But in blockchain technology if you're using bitcoin or anyother crypto currency and transferring it to another person there is no person or other authority which is controlling your transaction.Blockchain technology is totally decentralized which means there is no chance of third party involvement and there will be no transaction fees.

DISTRIBUTED DATABASE

So now lets talk about distributed database which is also an important property of this technology.Lets suppose if a person wants to send some bitcoins to a second person and that second person transfers it to a third person and third person to fourth person so a copy of records will be present of transaction which is made between all these 4 persons.The record of transaction of each person will be saved/available separately.

IMMUTABLE LEDGER

Blockchain has an immutable ledger.To describe this property a diagram of blockchain is very important in which all the blocks are crypto graphically linked.

For example you can see i have drawn 3 blocks which are crypto graphically linked.The more the miner mines the more the number of blocks will increase it depends on the miner how much he mines.
This property is a bit hard to understand so lets start from the first block and let me define you how these blocks are linked cryptographically with each other.
So the first block is called as Genesis Block.

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Genesis block contains five things
1.Block Number
2.Transaction
3.Previous Hash Key
4.Current Hash Key
5.Nonce

So the question rises is that how these blocks are cryptographically linked.

The Curr. Hash key of first blocks will be used as previous hash key in second block and the current hash key of second block will be used as prev hash key in third block and so on...
So this is how these blocks are crypto graphically linked with each other and that is why the transaction once recorded in a block can't be changed or removed.

This is also the reason this technology is more safe and secure.

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