What Is A Blockchain? How Does It Work? Blockchain Technology Explained For Beginners In This Simple Tutorial!
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Full video transcript;
What is a blockchain? Blockchains are found on the internet. A blockchain is a public record of property ownership. Property recorded on blockchains are called “cryptocurrencies” or “crypto assets.” Using a blockchain you can verify who owns crypto assets. You can send money or perform other transactions on a blockchain.
There are many blockchains. The first, and most commonly known is Bitcoin, but there are now many more, including Ethereum, Cardano, and Polygon. Each blockchain is an official record of the ownership of all the crypto assets on it. Blockchains try to be easily accessible and secure systems. They do this by keeping identical copies of the official record on many computers. This system of accounting is called a distributed ledger. There can be many thousands or more computers maintaining these records. The computers keeping the records are called the network.
When all the computers agree it is called “consensus.” Consensus is what proves you own Bitcoin or other crypto assets. When all the computers in the Bitcoin network agree someone owns 1 Bitcoin, it proves that they own that Bitcoin. The owner can spend parts of the Bitcoin as they wish. That unit of Bitcoin cannot be faked or spent more than once by the owner.
When you want to send money to someone else, you broadcast a transaction to the network. In exchange for a fee payment, the network will add your transaction to the permanent record. This transaction is added to a new transaction block. Each block is linked to all older blocks in the record. There is a continuous chain of transactions all the way back to the first transaction. This is where the name blockchain originates.
We hope you enjoyed this short beginner tutorial on what is blockchain technology, explained in simple english. Please make sure to subscribe to our channel to learn more about cryptocurrencies.