Basics of Blockchain
A blockchain is a digital ecosystem within which people, objects and services can communicate with each other. In a transparent, univocal, secure, encrypted and immutable way (append only).
Blockchain = A decentralized distributed ledger based on consensus where information is encrypted and stored immutably.
Ledger = A platform where information is stored
Decentralized Distributed = There is no central authority
Based on consensus = Information is processed, controlled and validated with the consensus of the majority of the users, any modification needs the consensus.
Information is encrypted… and stored immutably
- All users hold both a public key and private key
- Keys are used to encrypt and decrypt the information
Information is stored in blocks generated in chronological order and marked with a hash.