Steemkids crypto Academy-week1/Blockchain Technology for @benton3

Hello friends,

I am very delighted about the new development in this community, where kids get to learn about crypto. Special thanks to the moderators of this community. Below is my homework post.

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Introduction

We live in an unsafe world with lots of insecurities which has lead to lack of trust among individuals. People no longer trust financial institutions with there cash. In other to solve the problem stated above people went into research in other to create a system that will be completely trustworthy and free from theft. They first created a digital currency which can be used anywhere in the world...., but another question came up.. How will they store this digital cash to ensure protection? The invention of Block chain came about. In this homework I will be talking about Block chain Technology.

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What is Block chain Technology?

It is a digital system that is not controlled by anyone, and it is used to store information in various sections known as a block. Block chain makes it very difficult for any person to steal or access any information he is not supposed to have access to. The information is stored in blocks and then linked together in a chain which is permanent. Once the first block is filled up and a new block is added, it will be very difficult to add, remove or modify the information found in the already filled block, and this makes the Block chain very unique and secure. Anything done on the Block chain is visible to the public and also the time such things are done is also recorded.

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what makes up a blockchain?

There are different things that makes the block chain unique.

• A block, which holds lots of different information
• record(data), they are various types of information stored in the block
• chain: it links various blocks that holds information together.
• Hash : it is unique to each block and is used to identity a block.

History of Block chain technology

It was introduced by Stuart Haber and Scott stornetta who are researchers in the year 1991, but they never used it, they only explained the timestamp. It only came into use in the year 1998 when "Bitcoin" was created, which was to replace the physical cash that was controlled by Government.For people to trust and use Bitcoin the use of Block chain came into play.

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conclusion

Special thanks @benton3 for the wonderful lecture. I have come to understand blockchain technology, its component and why it came to birth.

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cc;
@benton3
@ngoenyi
@ijelady
@steemkidss
@bright-obias