Prodtyping

The process on turning ideas into reality

November 18th 2018

Blockchain Technology Explained

Blockchain Technology Explained

Mayank Pratap, a cofounder of EngineerBabu.com gives an approachable in-depth look at blockchain technology.

Main Points:

  • There’s a common misconception among people that Bitcoin and Blockchain are one and the same, however, that is not the case.

  • Blockchain can be described as a data structure that holds transactional records and while ensuring security, transparency, and decentralization.

  • Once an information is stored on a blockchain, it is extremely difficult to change or alter it.

  • Blockchains are decentralized in nature meaning that no single person or group holds the authority of the overall network

  • Interaction between two parties through a peer-to-peer model is easily accomplished without the requirement of any third party.

  • Blockchains are considered tamper-proof as any change in even one single block can be detected and addressed