Is it not amazing that so many people still regard blockchain as a rather complex network of technologies. If they only invested in their blockchain for higher learning tool. Then they would surely know. And did you know that cryptocurrencies in general are now worth more than the US dollar and gold combined? Both these conventional currencies of note are still regarded as something of a safe haven for a majority of serious-minded investors.
At the most basic level, the blockchain is merely just a chain of blocks. But not in the way you might have been thinking. Note that when they talk of ‘block’ and ‘chain’, they’re essentially referring to digital information. For instance, a public database is now being referred to as ‘the chain’. Blocks on a blockchain are essentially digital pieces of information. And these blocks come in three parts. Firstly, blocks will be storing information related to transactions.
These transactions could be referencing dates and times and, more specifically, and perhaps of more interest, making reference to dollar amounts per recent Amazon purchases. But also note that the Amazon company is not adopting the blockchain principle. Secondly, blocks will also be storing information on who is participating in these transactions. But instead of recording an actual name, a digital signature will be inserted.
The digital signature is nothing more than a username, no more, no less. And thirdly, blocks will be storing unique information. This is information that will not be seen or shared anywhere else. A unique code is created. This is often recorded as a ‘hash’ but should not be confused with the iconic hashtag in popular use across all social media networks. Blockchain’s hashes are essentially cryptographic codes that have been created by special algorithms.