Blockchain is an interesting conversation over high-tea or as a topical snack between meetings. The difficulty seeps in when we realize that it is most definitely a very charming and smart conversational byte, but not that easy to understand to even hold a conversation regarding it. Your prayers are answered because we are going to break down what makes Blockchain difficult and will make it easier for you, both for your understanding and in the name of intelligent conversations.
As per EuroMoney Learning, Blockchain is:
“A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. 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. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).” – EuroMoney
Of course, when we read a paragraph like this explaining Blockchain, it is definite that we won’t be able to get anything. So let’s go with the name and use its core meaning; break down blockchain and then understand it.
The functionality part of Blockchain is simple, it is a database that is used to store Bitcoin. BBC UK explains Bitcoin as: “Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency – is a type of money that is completely virtual.” Even the way blockchain stores information is very different from the typical database. Whenever new information is fed, it stores itself a block and until it is full, it locks itself and is chained to the last block. All the data, in a said way, is stored in chronological order.
Another feature of blockchain is that it is decentralized meaning, no one person has control over the data but many people, collectively. Due to its decentralized feature, blockchain data is also immutable, it can not be reversed but it can be viewed by everyone and stored permanently.
The nitty-gritty of Blockchain isn’t just in its functionality but also in what it claims. So, the hype is that Blockchain can overcome income inequality, secure data, and be efficient. But its ties with the crypto realm make it dubious and in the bad books of the world. Apart from ethical issues, there are technical ones like:
- Lack of scalability & interoperability
- Stand-alone projects
- Difficult integration with legacy systems
- Complexity and lack of blockchain talent
But if you’re an enthusiast, the time is to shrug the slump and get into innovative ways to make blockchain simpler and easier for yourself to learn.
- There are plenty of courses to choose from and learn about blockchain. One such is by Alphabet Factory. We offer a course on Blockchain with IoT to give you holistic knowledge and expertise on Blockchain.
- You can create a community of Blockchain enthusiasts and have interactive conversations and information exchange. Zoom sessions can be a fun way to learn.
- The oldest in the book is google. Google your way through Blockchain to learn and read the literature, opinions, and new developments in the world of Blockchain
- You can also start blogging about your endeavors and get connected with people who are as passionate about the topic as you are.
Blockchain is difficult but not impossible to grasp. Get up and get going to understand and learn about the hottest topic with our tips.