The blockchain in a simple way to learn

The blockchain was launched in 1991 after researchers from the United States designed it to authenticate digital documents so that somebody can not change them or altered dates or other information. It evolved until 2008. With the pseudonym of Satoshi Nakamoto, the article defines the mechanism to implement a digital currency: Bitcoin.

Blockchain

It is the same shared digital file decentralized so that anyone can consult. It is a chain of the block that contains information, and each of the blocks includes basicamentes three elements:

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• The data that is stored in it.
• Hash is a string of numbers and letters that identifies that block or content. It is like the fingerprint (unique).
• Hash of the previous block, making the creation of blocks more secure.

The information created is inalterable of everything that happens within these chains, making an accounting record sheet, but these operations are in a public form that anyone can consult.

Distributed and decentralized system

The blockchain means that this information is in different computers on the Internet, each with an exact copy of the data. These are called nodes, which are kept connected. So, for example, people can become nodes of a blog, just as the witnesses of blurt are people from different places and countries, which make the information move.

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Smart contracts

These are tiny programs included in a blockchain. They can execute automatic actions without the need for intermediaries. These smart contracts have allowed the creation of NFT and Defi, which have helped the new digital world, thanks to their security, making it unique and immutable.

Advantages

• It offers security.
• Transparency.
• Efficiency and speed.
• Automation.
• Reduced operational risks.
• Data is not falsified.
• The information is safe; it is not lost.
  . Anonymity to users.

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Disadvantages

• Energy cost.
• Storage cost.
• Cannot be modified.
• Private keys.

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Value of the blockchain

The value of this is the immutability, decentralization, and transparency because this way, you can have a database in which the information belongs to us since no one can censor your data is the opposite of centralized, that anyone can cleanse you and even sell the information to third parties, making there are no intermediaries.

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