Simple explanation of Blockchain for newbie's.

[Sabih7]

What Is Blockchain, Simple And Easy Version.

Hello guys, how are you doing? This is part 2 of my learning series. In the first part, I covered the evolution of money from the barter system to the crypto era, and here is the post link. https://bitcointalk.org/index.php?topic=5574188.msg66397027#msg66397027

Many thanks to those who gave me positive feedback, the replies, and the merits they awarded my post. All of your positive feedback motivates me to create this post and continue my series.

I was busy with my other work and studies, which took up my time, and I had no free time for the forum. But now I am free and back to the forum. So today, I will discuss the most important topic in cryptocurrency, which is blockchain technology, why it is important and how it works. At the end of the post, I will share the references from where I gathered the information.

The main reason for writing this topic is that those who have a little knowledge and want to learn more in a simple and easy way can do so without wasting their maximum time searching for information.

So, first things first, we have to understand what is cryptocurrency and how it works . If you ask me, I would say that without understanding Blockchain, you can't fully grasp how crypto works, how secure it is, and why people call it a revolutionary idea. It is a new technology that not only powers Bitcoin but also other cryptocurrencies. So, let's discuss what it is and what it includes.

Basically, Blockchain is a decentralized and distributed digital ledger that records transactions across many other computers (nodes) that are connected to each other and store the data securely and transparently.

Let me clarify with an example, imagine you have a digital book that contains data every person around the world can see and verify, and there is no one who can control or make changes on their own.

Now, let's move on to the next section, which is the key component.

Here are some of the key concepts that I will briefly discuss:
  Block
  Chain
  Decentralized
  Immutable
  Transparency

BLOCK
When you are doing a transaction, whether receiving or sending, it is combined with other transactions and added into a block. That block stores the data along with some other technical data, and when one block is completed, it changes into another.

CHAIN
So everyone knows what a chain is, anything that holds with the previous one and moves forward is simply a chain. Now, each block connects with the previous one, the present, and the coming one, which we simply call cryptography. Each block contains a special kind of sign, which we call the hash of the previous block, which makes the chain stronger. If someone tries to change the transaction in a block, the hash changes, which breaks the chain, and the whole network gets alerted.

DECENTRALIZED. 
Blockchain is not controlled by a single entity, just like in companies or banks. In fact, it is a network of thousands of computers that verify the data and transactions, which are called nodes. This network is spread across the world, no single authority controls it. This network works through a consensus mechanism, i.e., proof of work.

IMMUTABLE. 
Once data is entered into the block and gets verified, then changes to it are impossible, which makes the records clean, permanent, and trustworthy.

TRANSPARENCY. 
Through a block explorer, everyone can see the details of a transaction using the wallet address, here, the identity is the wallet address.

TYPES OF BLOCKCHAIN

Now, moving towards the types of blockchain, there are three basic types, one is public, the second is private, and the third is consortium.

PUBLIC
 The public blockchain is one that can be seen by anyone, similar to the Bitcoin and Ethereum networks.

PRIVATE
The second type is the private blockchain, which is used by a single entity for their own purposes, and they do not disclose it to everyone.

CONSORTIUM
The third type is consortium, which is used by a group of companies where all their details, deals, and transaction trades are present.

So from here, one more thing is clear, Blockchain is not only used by the crypto industry but also for personal uses. You can utilize it for voting systems, for records in any hospital or government office. However, when you are in the crypto world and hear the word "Blockchain," it is often only related to cryptocurrency.

So here is the end. I tried my best to explain it in a very easy tone and make it short and simple. There are still some gaps, as I am also at the learning stage, and I am opening the thread for anyone. If you spot any mistakes or want to add something, please share it in this thread.

Now, if you guys have any suggestions for the next topic that I should cover, please mention it to me. If any topic gets more demand, I will prioritize it.

Thanks for reading.

Reference
https://youtu.be/7PPuMzuzMek?si
https://www.binance.com/en/academy/start-here
https://www.binance.com/en/academy/articles/what-is-blockchain-and-how-does-it-work

[tbct_mt2]

I would like to learn about blockchain and Bitcoin blockchain with traditional resources with high quality like the following ones

I really don't like learning from resources with unknown quality and accuracy, as it can mislead me in knowledge while as you see, there are enough good and quality resources, free access for learning.

What is the blockchain?
https://learnmeabitcoin.com/beginners/guide/blockchain/
https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch11_blockchain.adoc
https://www.lopp.net/bitcoin-information/bitcoin-explained.html

[un_rank]

If you are going to talk about blockchain on a bitcoin forum it should be focusing on the bitcoin blockchain or could include mentions of those used by other cryptocurrency not blockchains as a general topic sued by businesses.

Key concepts of a blockchain should have block height, timestamp, and so on.

- Jay -

[snowpega]

I would like to learn about blockchain and Bitcoin blockchain with traditional resources with high quality like the following ones

I really don't like learning from resources with unknown quality and accuracy, as it can mislead me in knowledge while as you see, there are enough good and quality resources, free access for learning.
...

There is no doubt that your approach to learning something new is better. But you should see that the OP seems to be a newbie and is doing his research to share knowledge here with members on bitcointalk. No doubt that we already know about this technology and much more better sources to learn about blockchain technology. What we should focus on more is that when a newbie like OP is bringing something like above, we should read it and find his mistakes and tell him that they are doing a great job or not by mentioning their mistakes.

As such act of ours will encourage them to do more research and motivate them to learn more and more from members of bitcointalk and other resources. And if we keep discouraging them this way, they will start losing interest in doing research and start to find a middle approach or short path of learning that, as a result, they can lose or lower their IQ level. Well, mate, this is my point of view and a suggestion. So, don't mind. Thanks!