What is Blockchain ?

 

What is Blockchain ?

Blockchain is a mechanism of storing data (storing information without edit capability), so information with regards to given subject item is stored using independent blocks of data in a decentralized environment with references to next and previous blocks, thus only when all blocks of data is retrieved itemized information could be derived. In an orthodox environment data repository is a Relational Database Management System (RDBMS), where information is scattered among multiple tables in the functionally and spatially most optimized manner. Key difference between the two is the key used in the RDBMS where with a single record key you could access, read, write , delete or modify any record related to the particular block of information, whereas Blockchain, environment there is no single key that allows you to retrieve information related to that particular event/transaction/block-of-information and moreover it allows only read and write ( immutable ) and once written, it cannot be modified/altered or deleted.

For an example, fund transfer situation; the login is a reference to your wallet and wallet has the references to blocks in the blockchain that creates your ledger. Hence for a given transaction blocks from multiple people will be linked together; 

where each block is encrypted with a public & private key. Since any transaction could be characterized as a give and take,  it will be recorded as a one node giving and other node receiving. As each wallet is decentralized and stored in a block chain in-order to transfer money wallet has to be reassembled. 

that can be done by the private key of the person who owns it, hence if you loose your private key, even-though it shows your balance you are unable to reassemble the required blocks and create a new record. Similarly receiving party also needs to reassemble their wallet to receive any money hence, they have to use their private key and re-assemble their wallet.