Blockchains have become incredibly popular recently but what are they? How do they work? What problems do they solve and how can they be used? Read on to find out!
So it’s a chain of blocks?
Like the name indicates, a blockchain is a chain of blocks that contain information. It’s as simple as that. This technique was originally described in 1991 by a group of researchers and was originally intended to timestamp digital documents so that it’s not possible to
backdate them or to tamper with them.
This technology went by mostly unused until it was adapted by Satoshi Nakamoto in 2009 to create the digital cryptocurrency Bitcoin. Today, a Blockchain is a distributed ledger that is completely open to anyone.
Blockchains and security
Blockchains have an interesting property which makes them very special. Once some data has been recorded inside the blockchain it becomes very difficult to change it. Each block contains some data; the hash of the block and the hash of the previous block. Think of a hash as a unique fingerprint, identifying the block and all its contents.
The data that is stored inside a block depends on the type of blockchain. The Bitcoin blockchain for example stores the details about a transaction in here, such as the sender, receiver and the amount of coins.
Once a block is created, its hash is calculated. Changing something inside the block will cause the hash to change too, so in other words, hashes are very useful when you want to detect changes to blocks.
Each block is the hash of the previous block and this effectively creates a chain of blocks, hence the name Blockchain. It’s this technique that makes a Blockchain so secure.
Learn more about Blockchain technologies
Industry Connect run a new programme dealing with Blockchain software. Thunderous.com is a Decentralized Industry-Driven Education Protocol & Ecosystem based on blockchain technology.
The Thunderous dev team is creating the Blockchain App Job-Ready Programme, designed for those who have a passion for blockchain technologies and interested to explore more about our Thunderous development.
Hundreds jobs will be created for blockchain technologies in the software space, make sure you’re ready!
Contact us today for more information about signing up to our job-ready Blockchain programme, where you can learn what blockchain, decentralisation model and crypto-economy are and how we can benefit from them for the modern world.
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