👨🏻💻 Who created Blockchain?
Blockchain was introduced to the world by an anonymous developer named Satoshi Nakamoto in 2008.
⛓ What is Blockchain?
Blockchain is a chain of blocks. Each block contains some data.
Each Block contains a Hash number, the Previous Block's Hash number, Timestamp and Transaction data.
⏳ What is Block time?
Block time is the average time to generate a new block.
Different blockchains have their average time to generate a new block.
In cryptocurrencies, block time is the time a transaction happens. So the transactions will be faster if the block time is shorter. For Ethereum block time is around 14-15s whereas for Bitcoin it is around 10mins.
🗝 What problem does Blockchain solve?
A lot of scams happen under the table involving money.
The data of the transactions are tracked in a ledger(database) that is centralized. Only few people, Organizations and Government have access to it.
So the admin of the database can change the data anytime.
A system that is decentralized is a problem solver in this equation.
A decentralized database does not have a single admin, it is shared with everyone and it is nearly impossible to change or manipulate it. Blockchain can be trusted because there is no third party that has access to it. Every single person has access to it. This is what makes Blockchain transparent. We can see every single transactions happening.
You can see those transactions happening here
🏭 Uses of Blockchain
Blockchain is majorly used in cryptocurrencies such as bitcoin.
Due to its transparency and safety blockchain is also being used in many different sectors like Healthcare, Financial services, Gaming, and many more.