So I started learning Blockchain Development on Udacity and this is basically a summary of the Introduction. Welcome to my Day 1 in Blockchain Development.
Follow Closely, because this is my "The Days Before" in Blockchain Development
Blockchain Development is basically reinventing wall street and automating it, turning it into codes. Balaji S. Srinivasan of Coinbase thinks.
Blockchain is basically a new way of sharing data. It is a shared database that contains lists of transactions. The popular Cryptocurrency or Cyber Money Bitcoin is built on Blockchain Technology.
Bitcoin was founded by anonymous Satoshi Nakamoto in 2009, The primary idea was to create a type of currency that was open to anyone, anonymous, free, and establish trust.
Data on the Blockchain are difficult to manipulate. Blockchain creates a shared permanent history of transactions that is accurate and up to date.
In a practical scenario, Imagine, You sent some coin to my wallet to your wallet. This is regarded as a transaction. A Blockchain transaction usually contains The sender, The Reciever and the Amount sent.
This transaction is sent out to a network of users and the goal is to take this transaction and group it with other transactions into a block. Once the block is filled with a certain amount, it is permanently added to the Blockchain(a Block chained with other Blocks lol).
In order to achieve this, The full block gets a unique Value called Hash. Hash is a unique fingerprint of information that allows us to identify the block in the future.
This Blockchain Technology concept provides us the capability to create crazy new applications and solutions in much different industries outside Finance.