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What is the Blockchain? Learn with JC in the STEM Kids Clubhouse

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You may have heard of the term blockchain without knowing what it is. It’s a type of database that creates a shared, fixed ledger across multiple computers.


Blockchain technology can be used to track deals in real-time and with unparalleled accuracy. Blockchain technology is changing the way we do business, manage our finances, and more - but what exactly is it? Welcome to today's lesson at STEM Kids Clubhouse!


What is a blockchain? A Guide for Beginners.

What is a blockchain?

Blockchain is a continuously growing list of records called blocks linked and secured using cryptography. Each block typically contains a hash pointer as a link to the previous block, a timestamp, and transaction data. By design, blockchains are inherently resistant to modification of the data. It’s also worth noting that these blocks can be created at any time by any party; there doesn’t need to be any kind of central authority.


What is blockchain technology?

Blockchain technology is the technology that enables the existence of Bitcoin and other cryptocurrencies. To understand how it works, let's go back to one of the principles behind blockchain. This principle states that information can be copied, but not modified or deleted.

The way this plays out in a blockchain system is that every block contains a hash pointer as a link to the previous block. These blocks are also linked to each other via their timestamps. This means that if someone were to try to alter any data on a particular block, they would have to modify all subsequent blocks in the chain. The chances of success are meager.

How does it work?

Blockchain technology is rooted in the principles of cryptography which can be used to create what’s known as a digital signature. This signature is then mathematically linked to the data so that the data remains intact and unaltered. The signature will change if there are any attempts made to alter any bit of data within it.

Blockchain technology was originally developed for the cryptocurrency Bitcoin, but it has since been applied to other industries, like supply chain management, art authentication, and more. Blockchain is often used because it allows many different parties to access the same information without having to go through a centralized authority. This makes transactions more transparent and less prone to fraud.


What are the uses of blockchain?

Blockchain technology is best known for its use in cryptocurrencies, like Bitcoin. But this technology can be used to store any kind of data, including medical records, votes, and even property titles.


Conclusion

Blockchain technology can be difficult to wrap your head around. But for those who are looking to invest, there is a lot of potential. After today's lesson, you should have a better understanding of how it works and what its uses are here at STEM Kids Clubhouse!