WTF is blockchain ?? Explained in the layman language !!

Till now you must have heard about and worked on the traditional databases where data is saved at one place(suppose in the form of tables) and people from different places can query some or all of that data.

This approach though have been in use since long, have a major limitation of trust or confidentiality associated with it. In this traditional centralized databases control is in the hand of single entity or administrator and other people have to trust that single entity that he would safeguard that database and ensure that there is no unauthorized access. It is where the idea of decentralization or decentralized databases comes in.

The blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without the need of a central certifying authority.

Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.

To understand it better lets take an example of a traditional banking system. Here suppose a person name Alex transfers 20$ into an account of Bob, then there is a proof in the form of transaction added on the Bank's central database that Alex has paid Bob 20$. In other words Bank is the only central authority to maintains this database and can come into play in case some conflict happens tomorrow between Alex and Bob regarding this transaction.
Unlike this in decentralized database or blockchain, the current state of the database is shared among all the people, which would be updated each time some new transaction is added.Therefore once the transaction occur between Alex and Bob, it would be updated on the copy of each individual's database.

Each person will represent a single node, and this network of nodes form a blockchain. What forms the blockchain so secure is that the person trying to make some unauthorized change to the database would be required to make changes to the database' copy on all the nodes present in the network which is very difficult..

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LinkedIn https://www.linkedin.com/in/raghav-goel-496b7277/
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