A Simple Guide to Understand Blockchain with a Real World Analogy
Everyone is talking about Bitcoin these days, from your barber to your friends working at stock market. Don’t worry this article is not about several other articles talking about making money from Bitcoin. However, I will try to help you understand the underlying technology which makes Bitcoin work and how this concept of blockchain can be useful in the coming decades.
What is Blockchain? — A Real World Analogy
Parking Model to Technical Model
“Blocks” make Blockchain
What happens if a lock-key pair is changed?
How do the blocks recover from modification?
Phew!! that was a lot of information to digest. This was the part I of the full beginner’s guide, providing the basic foundation for Blockchain. I hope this article prepared you for some good discussion with your friends regarding Blockchain. See you in the next release of this series where we will talk about Ethereum, Smart Contracts and Mining.