The blockchain is the hot topic nowadays, even though it was first conceptualized back in 1991. Blockchain, as the name suggests, is the chain of blocks. So what makes it so famous?

The idea on which this runs makes it completely revolutionary. The blockchain is a peer to peer network in which transactions are done directly between two parties without the intervention of intermediaries. Blockchain completely discards the trusted third party use to validate the transactions, instead, the entire network needs to validate the transaction. It transfers power and control from large entities to the many, enabling safe, fast, cheaper transactions despite the fact that we may not know the entities we are dealing with.

How it works?

The blockchain is the connected network of blocks which contain transactions or list of records. These blocks are connected to each other and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

There is a concept of proof of work and mining included in it. If someone makes changes to data, all other nodes are required to validate the change. If all nodes agree for the change, then that change can be accepted. But these change lot of computing power and memory. For a better explanation, you can refer this video which explains blockchain in a visual way.

Any application of blockchain? Ever heard of BitCoin!

Bitcoin is an application that runs on the Blockchain, which is ultimately a more interesting and profound innovation. The first distributed blockchain was then conceptualized by an anonymous person or group known as Satoshi Nakamoto in 2008 and implemented the following year as a core component of the digital currency bitcoin, where it serves as the public ledger for all transactions. Bitcoin has been in news for its positive as well as negative side.

So the question is how should I learn more about blockchain from a plethora of available resources. So here’s my list of resources which I found better to be covered. I will keep on updating the list if I run into any source worth adding!

1. Start with this blog by BlockGeeks.
2. To have a better visual demo, do watch this video Blockchain 101 - A Visual Demo
3. To know more about hashing and merkle tree, video by ChainThat is great.
4. Now you would like to see one application of it, watch this ChainThat Degree - Education Fraud Solution

Thanks!