{"id":5127,"date":"2024-01-29T10:35:21","date_gmt":"2024-01-29T03:35:21","guid":{"rendered":"https:\/\/wam.vn\/en\/?p=5127"},"modified":"2024-01-29T10:35:21","modified_gmt":"2024-01-29T03:35:21","slug":"how-does-a-blockchain-work-simply-explained","status":"publish","type":"post","link":"https:\/\/wam.vn\/en\/how-does-a-blockchain-work-simply-explained\/","title":{"rendered":"How does a blockchain work &#8211; Simply Explained"},"content":{"rendered":"<p><em><strong>TLDR<\/strong>: Blockchain, popularized by Bitcoin, is a secure, tamper-resistant digital ledger with applications beyond cryptocurrencies.<\/em><\/p>\n<p>This article is a summary of a You Tube video &#8220;How does a blockchain work &#8211; Simply Explained&#8221; by Simply Explained<br \/>\n<iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/SSo_EIwHSd4?si=Vul6OwwZeKlqeeQj\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h3>Key Takeaways:<\/h3>\n<ol>\n<li><strong>Blockchain Origin<\/strong>: Initially described in 1991 for timestamping digital documents to prevent tampering, like a notary.<\/li>\n<li><strong>Popularization with Bitcoin<\/strong>: Adapted by Satoshi Nakamoto in 2009 for creating Bitcoin, making blockchain technology widely known.<\/li>\n<li><strong>Structure<\/strong>: A blockchain is a chain of blocks containing data, the hash of the block, and the hash of the previous block.<\/li>\n<li><strong>Data and Hashes<\/strong>: Each block stores data (like transaction details in Bitcoin) and a unique hash, comparable to a fingerprint.<\/li>\n<li><strong>Immutability<\/strong>: Altering a block&#8217;s data changes its hash, making subsequent blocks in the chain invalid due to mismatched hashes.<\/li>\n<li><strong>Security through Proof-of-Work<\/strong>: Introduces time and computational effort to add new blocks, deterring tampering and recalculating hashes for all blocks.<\/li>\n<li><strong>Distributed Nature<\/strong>: Managed by a peer-to-peer network rather than a central authority, enhancing security and integrity.<\/li>\n<li><strong>Consensus Mechanism<\/strong>: Network nodes verify new blocks, maintaining consensus on valid and invalid blocks, rejecting tampered ones.<\/li>\n<li><strong>Tamper-Resistance<\/strong>: Altering a blockchain requires changing all subsequent blocks, redoing their proof-of-work, and controlling over 50% of the network.<\/li>\n<li><strong>Evolving Applications<\/strong>: Beyond cryptocurrencies, used for smart contracts, medical records, digital notary, and more.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain, popularized by Bitcoin, is a secure, tamper-resistant digital ledger with applications beyond cryptocurrencies.<\/p>\n","protected":false},"author":3,"featured_media":5128,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-5127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-39","description-off"],"_links":{"self":[{"href":"https:\/\/wam.vn\/en\/wp-json\/wp\/v2\/posts\/5127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wam.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wam.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wam.vn\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wam.vn\/en\/wp-json\/wp\/v2\/comments?post=5127"}],"version-history":[{"count":1,"href":"https:\/\/wam.vn\/en\/wp-json\/wp\/v2\/posts\/5127\/revisions"}],"predecessor-version":[{"id":5129,"href":"https:\/\/wam.vn\/en\/wp-json\/wp\/v2\/posts\/5127\/revisions\/5129"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wam.vn\/en\/wp-json\/wp\/v2\/media\/5128"}],"wp:attachment":[{"href":"https:\/\/wam.vn\/en\/wp-json\/wp\/v2\/media?parent=5127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wam.vn\/en\/wp-json\/wp\/v2\/categories?post=5127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wam.vn\/en\/wp-json\/wp\/v2\/tags?post=5127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}