CONCEPT OF BLOCKCHAIN

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Blockchain is a universal ledger like your accounting book that keeps records of all transactions of bitcoin and similar based tech coins since 2009. The concept was introduced in 2008 by Satoshi Nakamoto, and then implemented for the first time in 2009.

"In reality, Bitcoin is just a subset of Blockchain — that is, Blockchain is the platform that enables Bitcoin and other cryptocurrencies to be exchanged. In its elemental form, Blockchain is a decentralized database system. Ledgers that store transaction data, are distributed across many nodes."

It is connected to so many thousands of connected computers over the network
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Like several roads with cars linked together

Characteristics of blockchain technology

– Decentralized technology: the blockchain technology is not controlled by any government, bank or any financial institution. Hence no central control. This also makes it very impossible to stop or shutdown.

– Open source system: the blockchain technology is opened to anyone so can be coded or used from anywhere.

– Security: the blocks, hash functions and timestamps make it almost impossible for data to be changed or tampered with. Making the blockchain very secured.

What are blocks?

Blocks are like one set on the accounting ledger system. Each block is interwoven to all the blocks before and after it. This makes the blockchain impregnable.

How does Blockchain mining work?

"Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place."

Who are Miners?

Miners are the ones who do the job of mining coins into blocks. Miners are very important. In fact without them, all these wouldn't have been possible. They play a major role, by ensuring the blockchain is fair, stable, safe and secure.

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Also there are other technologies like Er-20 with ethereum. It's a bit different from blockchain. That will be a topic for another day.

They're more technicalities in the operational aspect of those technologies but for now this is what we need now.

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