What is a blockchain? An explanation for Beginners.

in LeoFinance2 months ago (edited)

what is a blockchain.

A block

is a record of transactions.

A block chain,

is a group of blocks chained together like pearls on a necklace inside a computer software program.

A block, or ledger

...in a blockchain, is a record of transactions, and a record of transactions is sometimes called a ledger. So a blockchain is sometimes called a ledger.

Ledger

A blockchain, which is sometimes called a ledger, is a record of transactions.

Distributed

When you make copies of this ledger and spread it out all over the world it is called distributed.

Distributed Ledger

When you decide to call these records of transactions ledger, and you spread them out, all over the world, and you call this state of being spread out all over the world distributed, then you know have a distributed ledger.

Secure Distributed aLedger

Imagine if you create hundreds of copies of this record of transactions or ledger, which are running on hundreds of computers, which all agree to all maintain the exact same record of transactions, so that all the copies are identical, you have a record of transactions, which is spread out or distributed and this is a distributed ledger. Imagine if all the entries into the ledger are always entered at the same time as the transaction, and only entered if you provide a password. Now you have a secure distributed ledger.

Trustless, Secure, Distributed Ledger

Imagine a system where you used your secret password to both perform transactions and enter them into the transactional ledger. This would create a situation where by the record of transactions becomes very accurate, very secure, and a distributed record of transactions.

Now if you understand that you have a good understanding of all the fancy words.

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The simplest explanation? A blockchain is nothing more or less than a distributed database.

Cool, well said

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Though I knew about blockchain but ledger is one I didn't know about.
Thanks for doing this for beginners to understand better now I have a little knowledge about it too

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I am glad you found it useful, please share by reblog going.
Thanks

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This is a really great overview. I hope the people that need it come across this post and get a little bit of clarity. I think a lot of people have a lot of misconceptions about blockchain.

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I am glad you liked it, please share it by Reblog going it!

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Buen dia interesante el post, lo comparto en mi cuenta.

Thank you

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Siempre a la orden amigo, saludos desde Venezuela