A DEEP DIVE INTO
Harnessing Blockchain Technology
Insights into Bitcoin’s underlying technology, and its massively scalable, decentralized applications.
57 key ideas from
1 book
6 articles
It takes just
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Skills
Overview
Key Ideas
FAQ
What you'll learn
Understanding the basics of blockchain technology
The benefits and challenges of using blockchain
The future of blockchain technology
How blockchain can be used in various industries
Ideas from books, podcasts, videos & articles
Bitcoin Guide for Beginners: The Simple Guide to Blockchain Technology, Cryptocurrency, and Mining Bitcoin
Influential people you will learn from
Victor Gray
3 Top Key Ideas (57 total)
Bitcoin and Blockchain: How They are Related?
Although the advent of Blockchain has taken the world by storm, many people still get confused about these two terms. Thus, it is important to understand how these terms differ and how they are interrelated. Bitcoin is a cryptocurrency, which is an application of Blockchain, whereas Blockchain is simply an underlying technology behind Bitcoin that is implemented through various channels. So if you are working on Blockchain and learning Blockchain, then you are not actually learning cryptocurrency but learning how cryptocurrency works.
Working Mechanism of Blockchain:
Blockchain can be defined as a shared ledger, allowing thousands of connected computers or servers to maintain a single, secured, and immutable ledger. Blockchain can perform user transactions without involving any third-party intermediaries. In order to perform transactions, all one needs is to have a wallet. A Blockchain wallet is nothing but a program that allows one to spend cryptocurrencies like BTC, ETH, etc. Such wallets are secured by cryptographic methods(public and private keys) so that one can manage and have full control over his transactions.
New Block.
Initially, when a user creates a transaction over a Blockchain network, a block will be created, representing that transaction is created. Once a block is created, the requested transaction is broadcasted over the peer-to-peer network, consisting of computers, known as nodes, which then validate the transaction.
A verified transaction can involve cryptocurrency, contracts, records, or any other valuable information.
Once a transaction is verified, it is combined with other blocks to create a new block of data for the ledger.
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