What is Blockchain?

A blockchain is simply blocks containing data. Each block contains the sha256 file summary of the previous block. Therefore, the data is secured in the chain. Nobody interrupts the data. It is basically a technology developed for security purposes. Blockchain is used in crypto coins and many more applications.

Simply blockchain is a text-based, network-secured database.

Blockchain is popularly used in crypto coins. For example, in Bitcoin, processes are collected in a block every ten minutes. Then, it connects to the previous blocks. This process continues continuously. Crypto money mining is the process in which a block is approved. This involves miners in the network to solve a mathematical problem. The first miner who solves the problem is rewarded with crypto money.

Once the block is approved and added to the network, the entire network is replicated and saved. Blockchain is a self-running system that confirms non-human intervention.

01000000 - version
0000000000000000000000000000000000000000000000000000000000000000 - prev block
3BA3EDFD7A7B12B27AC72C3E67768F617FC81BC3888A51323A9FB8AA4B1E5E4A - merkle root
29AB5F49 - timestamp
FFFF001D - bits
1DAC2B7C - nonce
01 - number of transactions
01000000 - version
01 - input
0000000000000000000000000000000000000000000000000000000000000000FFFFFFFF - prev output
4D - script length
04FFFF001D0104455468652054696D65732030332F4A616E2F32303039204368616E63656C6C6F72206F6E206272696E6B206F66207365636F6E64206261696C6F757420666F722062616E6B73 - scriptsig
FFFFFFFF - sequence
01 - outputs
00F2052A01000000 - 50 BTC
43 - pk_script length
4104678AFDB0FE5548271967F1A67130B7105CD6A828E03909A67962E0EA1F61DEB649F6BC3F4CEF38C4F35504E51EC112DE5C384DF7BA0B8D578A4C702B6BF11D5FAC - pk_script
00000000 - lock time

Above is the first block of the Bitcoin blockchain (genesis block) produced by the inventor of Bitcoin Satoshi Nakamoto. He’s got 50 BTC crypto money on his account.