Blockchain is an immutable record or ledger. A Blockchain is consists of blocks that contain the number of information. A ledger is a process of recording transactions and tracking assets in a network. Computer networking, Ledger and Cryptography technology is used to create a blockchain. Data can not be changed once it is committed to a blockchain. In 2009 first Bitcoin block was created. Blockchain is the underlying security and record-keeping mechanism that manages and controls the bitcoin network. Blockchain and bitcoin are not same. Blockchain is a technology and bitcoin is the use-case of this technology.
To properly understand blockchain, there are some fundamental core concepts students should be familiar with. These key concepts include security, trustlessness, decentralization, distributed ledgers, group consensus, and immutability.
Assets and Blockchain
Assets are a crucial component of any blockchain solution. Assets are simply the items that we are keeping records about, the items that ‘matter’ in the context of a given solution or use case. Assets can be defined as anything that requires a record of ownership. This can be monetary, non-monetary, or just information, like health records, tickets to an event, an auto title, or a patent.
Blockchain started as a record-keeping system to record the transfer of digital “tokens” or “coins” such as Bitcoin and other cryptocurrencies. These coins and tokens required a way to keep a record of ownership. Out of the need to create a record of digital ownership, blockchain was born. In many ways, blockchain seeks to supplement the internet of information we know today with the internet of value we are designing for the future