Keep it simple, B L O C K – C H A I N
Marcos!, email@example.com, May 23rd 2018
We all know that the process of learning can be sometimes challenging. Furthermore, some experts find pleasure in explaining issues in a rather technical and complex way maybe to show off their high qualifications. However, the average Joe prefers complex subjects explained with simplicity. BlockChain has proven so far to be a theme only accessible to people highly familiarized with the new technologies. This is an attempt make a simple and easy explanation of a complex subject: The BlockChain technology which is set to disrupt many industries in the years to come.
Firstly, BlockChain is a composed word: Block and Chain. It is a chain of blocks. Each block contains information. BlockChain is a way of registering information, not only economic transactions which would give birth to a currency. The challenge undertaken is to explain the concept avoiding technical language which abounds in other explanations.
Let us imagine we have a set of data: The wages of the seven employees of a company in January 2018. For security matters we decide to encrypt this data, this is a process of encoding information to ensure that only authorized parties can access it. Then we will represent them by a set of “X”s.
Once we have done this, we decide to group them in a block that we will call Block 0. These specific seven “X”s generate a number that we will call it “iB0”. “iB0” is originated by those specific seven “X”s.
February arrives and we decide to register wages of February. We will represent them with “Y”s and again group them in a second block that we will call Block 1 with its corresponding “iB1”. So far, we have two blocks that contain information.
Now is the time to chain them. The chain works as seen in the following illustration. This chain depends on data in Block 0, its “iB0” and data in Block 1. Now we have the first two blocks of a Block Chain.
March arrives and we decide to register wages of March. We will represent them with “Z”s and group them in a third block that we will call Block 2 with its corresponding “iB2”. Now we have our third block and we will chain it to the first two. This link will depend on data in Block 0, its “iB0”, data in Block 1, its “iB1”, and data in Block 2. It depends not only on the data of the two blocks linked but also on the data of all previous blocks. This increases the level of security. Imagine that the BlockChain has 100 blocks and someone attempts to change Block 50, the false Block 50 will clash with the rest of the chain from Block 51 onward, because all the links that depended on the original Block 50 will not make sense with the false Block 50.
This is the BlockChain.
Now imagine that there are 9,000 copies distributed worldwide of this BlockChain, this decentralization process highly increases the security of data. If someone attempted to change data, and manages to modify accurately all the targeted BlockChain, then he has to change it instantly in 51% of the distributed copies, more than 4500 of them, otherwise the false copy of the BlockChain will be rejected by the whole network.
In simple words and fancy sketches, we have understood the BlockChain technology. Its use is for registration purposes, it can be used to register economic transactions, clinical records, property rights and much more.
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