Steemit Crypto Academy Contest / S1W3 – Blockchain through the concepts by @bolaji001

Good day to the great members of the SteemitCryptoAcademy and to all the amazing users on Steemit. I am @bolaji001 and I will be continuing my consistent participation in the ongoing Steemit engagement challenge. The challenge is in its third week, and I must say it has really been challenging and fun at the same time though.

Today, I will be participating in this contest by the SteemitCryptoAcademy community, Blockchain through the concepts, where I will be explaining Blockchain, some of its concepts, why these concepts are important and many more.
So please, do sit back and be ready to enjoy and hopefully learn from the rest of the post.

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Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion. (For example: Decentralized, Genesis Block, Hard Fork, Proof of Stake.)

Why do you think it is important in the blockchain?

Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?

Do you think it is possible to improve this term in some way? Explain us how

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BLOCKCHAIN

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Blockchain came into existence since the creation of the mother of all cryptocurrency Bitcoin, so many blockchains have been emerging ever since the first blockchain was created. For example, Ethereum, Cardano, Steem, Stellar etc. Now the detailed definition of Blockchain;

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Blockchain can be referred to as a system of storing data in such a way that it will be difficult or impossible for hackers to penetrate or take data from the system. Blockchain is a distributed database system that is distributed among the other nodes of a network of computers. Blockchain stores information in digital form, electronically, the role of Blockchains in the world of cryptocurrency today cannot be over emphasized because majority of the crypto assets we have today in the world are built on blockchain.
As we all know there were databases before the existence of blockchain, but what makes it stand out from a typical database is the way it stores data.
A blockchain stores data in blocks, these blocks have a certain memory space and are all linked together in a chain-link format. Once a block is filled up, it closes and chains or links to the previously filled block, all new data are stored in the next block and once filled, closes and links to the previously filled block. This process continues as new information are being stored forming a network of blocks called Blockchain.
This structure of storing data, inherently makes an irreversible timeline of data when implemented in a decentralized nature. It is for this reason the data on Blockchain is very secure and not vulnerable to hackers.

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BLOCKCHAIN CONCEPTS

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My favorite concept of blockchain is the concept of Decentralization and Genesis block. Both concepts are very important concept to take note of when building a Blockchain, because they are the bed rock of a blockchain.

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Decentralization

A Decentralized blockchain has so much advantages to users and to the cryptocurrency world at large, when cryptocurrency started a large number of blockchain were built under centralized system and so much alarm of hacking, theft of user data has been recorded. But when decentralized blockchain came into existence, it solved the problem of hacking, third party and loss of user data in blockchains.

Advantages of Decentralized Blockchain

• Trust issues are reduced because all users are in procession of their private keys.

• No intermediary issues, everyone is charge of their data.

• There is no Central control or authority, everybody has the freedom to do whatever they want to do on their account.

• Transaction done in decentralized blockchain are faster.

Disadvantage of a decentralized blockchain

• Once any mistake is done in any transaction it can't be retrieved.

• Storage issues are been encountered.

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Genesis block

Genesis Block is the first block of a cryptocurrency where data and records of transaction are stored permanently. A blockchain consists of more than one blocks that are used for keeping information safe, each of these blocks depends on the genesis block and they have different unique function. All these blocks are layered on the foundation block which is the genesis block.

Are you starting to see why the Genesis block is so important? Without Genesis block a blockchain cannot function because they serve as parents to other blocks in the chain. In some blockchain the genesis block is denoted as one or zero, when a blockchain have a more functioning blocks the blockchain behave perfectly.

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The reason the concept of Decentralization and Genesis Block is so important

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Decentralization blockchain is now the order of the day in the crypto world, because a decentralized blockchain has a lot of good features. On decentralized blockchain nobody is dictating, users have freedom to access their account anytime they wish to do that. Decentralization of blockchain makes it more secured and easier to operate in cases of new users. Decentralized blockchain have a user-friendly environment that attract investors to invest on the token or project.

It is very important to have Genesis block for every blockchain, the construction is not complete without a genesis block because all other blocks have to build on a parent block, Genesis block makes Proof of Work (PoW) easy on a blockchain, data and transaction storage can be stored in the blocks, which makes it impossible for hackers to hijack users' data.

It is for the crucial reasons that Decentralization and Gensis Block are rudimental and so important to Blockchain.

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Do you think that the existence of the blockchain would be possible without these concepts? Is there an alternative or similar term?

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It is impossible for a blockchain to run smoothly without a Genesis Block, it might manage to work if it's centralized, but it cannot run smoothly without Genesis block, because most of our data and transaction won't be stored properly, any mistake in losing dome of those data might be dangerous, because it can be hijacked by scammers and hacker who can do away with people's fund.

Alternative

Developers are yet to come about new concepts in building a blockchain, so now we still go for the stated concept.

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Do you think it is possible to improve this term in some way? Explain us how

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Well, personally I feel some issues on blockchain whether centralized or decentralized can still be looked into and more advanced solutions can be designed. For instance, the issue of someone retrieving a transaction, probably when mistakes are made during the transaction, there should be a way to retrieve the fund back since it has not gotten to its final destination.

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CONCLUSION

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Blockchain is one of the solids rocks of every crypto asset, it is rudimental to cryptocurrencies, because it's very important doesn't mean it can stand alone, there must be some attributes or concepts that must be present in a blockchain that will make it function effectively.
I really enjoyed participating in this contest, I learnt a lot myself from the researches I made. Thanks for reading, I hope you learnt something new too.

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I would love to use this opportunity to invite my friends, @kenntdavebobo, @ojerindejoel, @olawole111, @ebunoluwani, @nancygbemi to take part in this contest too.
#blockchain