Steemit Crypto Academy Contest / S1W3 – Blockchain through the concepts by @shahzaibb
Introduction
Hi there everyone! Hope all of you will be doing great like I am. The thing is I am actually pretty excited to write my first topic for the platform. The topic counts among one of my favorites in the long list of topics.
Blockchain, that is right. This topic has been trending all over the globe since I have gained consciousness as an adult. And today, I get to write about it and share with you what I have been able to learn so far, also, I will try not to be very proficient with difficult terms and concepts. So, without any further delay let's get to the topic.
What is Blockchain?
https://pixabay.com/illustrations/blockchain-block-chain-bitcoin-3750157/
First thing’s first, describing what is blockchain. Simply put, it is a technology designed to store information in a way that the stored information is impossible to change, as it is very difficult to cheat the system even if it is hacked. To elaborate the concept I will use the database as a reference. A database is also used to store data, but the only difference between these two is that a blockchain stores data in blocks, literally. And when one block reaches full capacity a new one is generated and is linked to the previous block, forming a blockchain of data.
https://pixabay.com/illustrations/network-digitization-teamwork-6869734/
How does a blockchain work?
The working is quite simple to understand. So, the basic goal of a blockchain is to store information and distribute that information to numerous nodes (any electronic device that maintains copies of a blockchain and keeps the network functional). Since the stored information is at multiple places at a time, when someone tries to tamper one node the person will be able to tamper only that specific one and hence, all the other nodes will remain unchanged and the network will check and pinpoint the incorrect or corrupted node with cross referencing. This is what makes the information impossible to change in a blockchain.
Cryptography in Blockchain
A term used in blockchain is cryptography. And it is one of the most important aspects in blockchain terminology. Simply put, it is the mathematical and computational practice of encoding and decoding data. The derivation of the word Cryptography is pretty interesting as the word “Crypto” itself means concealing or concealed. What it does is that the sender encrypts a message using a type of key, and the receiver decrypts the received message to get the original one.
Now there are two types by which Cryptography is done. Symmetric Cryptography and Asymmetric Cryptography.
Symmetric Cryptography is simple. You can create an encryption key using a variety of combinations. For instance, you can use 001 for A and 002 for B and so on. So, when a sender sends a message 008009, the receiver after decrypting the message gets “Hi!”.
Now if we come towards Asymmetric Cryptography, it uses two keys to encrypt a message. Mainly the public key and the private key. If we look at it from cryptocurrency reference, the sender uses the public key of the receiver to encrypt a transaction which can only be decrypted by the receiver’s private key making blockchain very very secure, since no one has access to the private key other than the receiver himself.
Well, this was all I was able to learn so far and I hope you can have a better understanding of blockchain by reading this article.
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