Before moving on to the Blockchain introduction, lets understand the idea of Blockchain where it comes from. Basically, the idea of Blockchain came from the research paper "How to Time-Stamp a Digital Document" that was published by Stuart Haber and W. Scott Stornetta in 1991
Blockchain technology is a platform which is programmed to develop digital ledger (record keeping book) for the purpose to store and shared debits and credit transactions over the Blockchain network where not only digital currency but anything can be made digital and its record can be kept.
Blockchain is distributed and decentralized works on cryptographic algorithms to secure and validate transactions and data.
The purpose of using Blockchain is to time stamp digital documents so that they cannot be backdated or tampered with.
Like other open source programs Blockchain has their own source code . There are many Blockchains source code are available on GitHub.
you can review and download for reference, if you want to create your own Blockchain.
Blockchain is a specific type of advanced database in which data is stored in blocks. Data is hidden in these blocks.
Each block has a limited storage capacity. When a block is filled with information, it is joined to another block in a chronological order that is already filled. When many blocks are connected to each other, one after the other, then they take the form of a chain. That is why it is called Blockchain. This concept named as block Blockchain technology.
Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A Blockchain database stores data in blocks that are linked together in a chain. The data is chronologically consistent because you cannot delete or modify the chain without consensus from the network.
Blockchain technology is related to Data Security. With the use of Blockchain technology, data can be saved and kept safe for a long time. This technology enables secure and authentic online financial transactions around the world.
Blockchain is also going to be a very good way to share information in the coming times, and which will be lower cost and can be easily implemented between open and private networks.
Blockchain is a collection of information in which data or information is collected in many small blocks and linked by placing them one after the other in a chronological manner. When many blocks are joined together, a chain is formed, then it is called a Blockchain.
The record created by the Blockchain cannot be deleted or destroyed.
A series of blocks are 'chained' together to form the blockchain.
- Inside the block
block is the data storage component. The blocks are divided into two parts:
- The header
- The body
- Inside the header
- in a blockchain, header of a block can have a number of different fields depending on the details of the particular blockchain implementation. However, the six fields mentioned below are common.
- block number
- Previous block hash: unique value , 64 long character hexadecimal value.
- current block hash: unique value , 64 long character hexadecimal value.
- Transaction root:
- Nonce: any randam number used only once
- Inside the body
Who can add next valid block in the blockchain
Blockchain consensus, it is an agreement in the validation of activity designed to select the creator of the next block in the chain, and, if they create a valid block, the rest of the network should accept it. it a backbone of blockchain
Pillars Of Blockchain Development
There are 4 pillars
Confusion-1: should I start front end now Yes: if JD demand it No: if JD don't demand it. Recommended: No
Confusion-2:: shouldI I start with DSA now Yes: if JD demand it No: if JD don't demand it. Recommended: Yes
Pillar 2- Blockchain Fundamentals
Used to describe the appearance of Web content
Pillar 3- Blockchain Programming Language(Solidity)
The programming language used to build advanced Web sites and applications
Pillar 4- Blockchain Tools
Hardhat, Truffle, libraries(web3.js, ether.js)
Total time to become a Blockchain developer: 130 ~ 190 hrs( 4 Months) around
- Pillar 1: 65 hrs
- Pillar 2: 15 hrs
- Pillar 3: 35 hrs
Pillar 4: 15 hrs
Applications of Blockchain
- Product tracking
- Healthcare system
- Smart contract
- International wire transfer
Broadly, plateform are the required tool for any Blockchain with the help of which Blockchain works.
Key Component Of Blockchain
What is blocks in Blockchain
What is a Nonce
Types of Blockchain
There are 4 types of Blockchain. Now the question comes in mind at what factors we have categories the block chain.
All types of Blockchains can be characterized as permissionless, permissioned, or both.
1. Public Blockchain
Public Blockchains are Permissionless. Permissionless Blockchains allow anyone can join and do transactions on Blockchain network (that is, to become “nodes” of the network). A public Blockchain is the permission-less distributed ledger technology.
Examples: Bitcoin and Ethereum are prominent public blockchains.
2. Private Blockchain
Private Blockchains are private networks
3. Hybrid Blockchain
4. Consortium Blockchain
Use examples and evidence to support your points and make them more convincing.
Broadly, there are two kinds of Blockchain network—public and private.