Blockchain Demystified

A blockchain is a digital ledger of records represented by hash which is generated using some hashing algorithm like SHA 256.¬†Blockchain is a chain of blocks where every block has a reference to previous block through a hash. In the figure above: T1, T2 etc are transactions or payload (transactions are also hashed) H(T1, T2) is the hash of child nodes   Any addition of record to the digital ledger requires approval of the network. For a block to be …

Currency to Crypto Currency & Block Chain – Part 1

What is Money?   Origin – Barter System Tom is a vegetable farmer and Amy is a poultry farm owner, if Tom needs chickens or eggs and if Amy needs vegetables and if both of them have in excess of what they need for themselves then they can trade between each other, now for the trade to happen, they would¬†establish an exchange rate, for example 2 chickens = 5 sacks of potato. However, if at a later time and for …