Below are some basic understanding of Blockchain.
- A blockchain is simply a distributed database.
- Think it as a large worldwide computer where everyone can securely access their data and execute transnational code.
- All transactions are stored in blocks of data, these blocks are made in a way that makes them very hard to manipulate or faked once they are stored to the blockchain.
- Due to the nature of the blockchain, you can say that it gives you the trustworthy way to store data in scenarios where there are no trusts.
- This could be monetary transactions between anonymous strangers on the internet, or the secured way to store your medical data that can only be accessed by those you allow.
- Blockchain is generally not the place to store the large amount of data for each transaction.
- For example you would not store the images on the block chain but you can store the information to validate whether the image is tampered or not.
- Most data stored on blockchain focus on transactions and states of object rather than the actual objects itself.
More topics on blockchain in future posts.