[Knowledge] Blockchain Technology [Part 1] – What is Blockchain

December 26, 2021

Blockchain Technology

Blockchain Development Tutorial - Learn Tech Tips

Welcome to Learn Tech Tips blog, Today I wanna to sharing with you Blockchain Technology series

First we need to understand what is Blockchain

– Blockchain is quite simple and easy to understand.
– It’s a form of database but distributed storage.
– It is difficult to edit a record once it has been added.
– Usually used as want transaction book.

We often mistakenly believe that only banks need unrepairable transaction certificates. But we come across these cases a lot every day. We need non-modifiable data to avoid double-trading scams.

– For example, if you rent a house, the tenancy agreement states the monthly rent, and the rental start date. Then the contract is written in 2 copies and you keep 1 copy, the landlord keeps one copy.
If one fine day, the landlord says you haven’t paid this month. You need 2 contract papers to compare the payment start date. The two contract papers I just talked about are a primitive form of distributed data that can’t be modified. And it can also be understood that it is 2 records of 1 blockchain.

It is distributed because the storage is on both sides of the user and there is no need for a 3rd place to store it.
If there are more than 2 users, then Blockchain technology still does not change the way it works, now 2 or more users exchange with each other, the transactions in the same system (same network) must be linked. (join, chaining, chaining) together into a single array.

And each person in the network will get the entire transaction history of the others before it.
So if there are 5 players, then there will be 5 records of transaction history distributed in the network.
If one of the 5 people arbitrarily changes the record to give to the other 4, the other 4 will immediately know there is a fraud and they will not accept it.