Introduction to Blockchain technology

Hello beautiful people, I'm Blockchain Goddess👸🏻. You need not worry about the intriguing pseudonym. I've got you.

Alright, to begin, what do I mean by Blockchain?


In simple terms Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. It's origins are accepted to date from 1991 when Scott and Stornetta published “How to Time-Stamp a Digital Document” in the Journal of Cryptography. However, it is now when its popularity has increased, thanks to the success of Bitcoin and other cryptocurrencies.

The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

It's a type of distributed ledger technology (DLT) , a digital system for recording transactions and related data in multiple places at the same time.

As literal as it sounds, it is a set of blocks in a chain, each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.This means if one block in one chain was changed, it would be immediately apparent it had been tampered with. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain.

Which is near to impossible. 

Transactions in the blockchain are recorded with an immutable cryptographic signature called a hash.

A Hash is a cryptographic function that transforms any input data into a fixed-length string of numbers. Every single input of the hash function will produce a different output, and the result is deterministic: if you use the same input, the output value will be always the same.

One of the most important features of the Hash functions is that the conversion is one-way: you cannot reverse the function to generate the original input.

The Blockchain nodes use Hash functions to create a unique identifier of any block of transactions. Every block includes the Hash value of the previous block.

In the end, it works as an immutable record of transactions that do not require to rely on an external authority to validate the authenticity and integrity of the data. Transactions are typically economic, but we can store any kind of information in the blocks.


Please note 🙏✍️Blockchain is NOT a cryptocurrency.

“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.”

Blockchain is NOT a programming language.

Blockchain is NOT a cryptographic codification.

Blockchain is NOT an AI or Machine Learning technology.

Blockchain is NOT a Python library or framework.

Why is there so much hype around blockchain technology?

There have been many attempts to create digital money in the past, but they have always failed.The prevailing issue is trust. If someone creates a new currency called the X dollar, how can we trust that they won't give themselves a million X dollars, or steal your X dollars for themselves?

Bitcoin was designed to solve this problem by using a specific type of database called a blockchain. Most normal databases, such as an SQL database, have someone in charge who can change the entries (e.g. giving themselves a million X dollars). Blockchain is different because nobody is in charge; it’s run by the people who use it. What’s more, bitcoins can’t be faked, hacked or double spent – so people that own this money can trust that it has some value.

Now you see the need to embrace the Blockchain technology!!! Click here to get more information on Blockchain technology


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