blockchain explained in a simple way!

what is a blockchain node?

Unravel the complexity of blockchain with this beginner’s guide. Learn what a blockchain node is and start understanding distributed ledger technology.

What is a blockchain node!

A blockchain is like a special kind of notebook that lots of people can write in, but no one can tear pages out of or change what they’ve written.

It’s like a notebook that belongs to everyone and no one at the same time.

Imagine you and your friends want to start a club, and you need a notebook to keep track of all the members, who is the leader, and what the rules are.

But you don’t want one person to be in charge of the notebook, because then they could change things without telling everyone else.

And you don’t want to lose the notebook, because then you would lose all the important information.

This is where a blockchain comes in.

A blockchain is a notebook that is kept on a computer, and lots of people can write in it. But once something is written in it, no one can change it. And because it’s on a computer, you can’t lose it.

example

In the club notebook example, every time a new member joins the club, someone would write their name, the date they joined, and maybe a little bit of information about them.

And when someone leaves the club, someone would write that too.

But once it’s written, no one can change it. This ensures that the information is always accurate and cannot be tampered with.

What is a blockchain node real world!

This is how blockchains are used in the real world too.

For example, some companies use blockchains to keep track of their money.

When someone buys something from the company,

the blockchain notebook gets updated to show that the company has less money and the person has more.

And when the company pays its employees,

the blockchain notebook gets updated to show that the company has less money and the employees have more.

Most popular

One of the most popular blockchain is called Bitcoin, it’s a digital currency that allows people to make transactions without the need of a bank or government.

When someone uses Bitcoin,

the blockchain notebook gets updated to show that the person who sent the Bitcoin has less and the person who received it has more.

Another popular use of blockchain is in creating digital contracts. These are agreements that are written in the blockchain notebook. Once they’re written, no one can change them. This makes them very secure and reliable.

In short

blockchain is a special kind of notebook that lots of people can write in,

but no one can tear pages out of or change what they’ve written.

It’s like a notebook that belongs to everyone and no one at the same time.

It’s used for things like keeping track of money,

contracts, and other important information.