The Ultimate beginner’s guide: Blockchain Technology in 2024

Blockchain

The tech world is just like a TV drama. And the director is always ready to cast the new episode.

If, you are a serious person…Think about it for a moment— Think about the world of business and technology.

Now, Let me ask you, doesn’t it feel like a TV show?

Absolutely, it’s quite similar

• Some people enjoy horror movies on Netflix
• Others get the same level of entertainment by reading the tweets of Elon Musk

But both of these would not add a real value; they do just for fun.

The cool thing is,

Business world is not just confined to people. It involves big companies such as Apple, Microsoft and Google.

But you know

Why it’s beneficial to watch the business world’s drama?

• Because, it’s actually real
• Technology is what people needs

So, in this world of business and tech, the most recent one is Blockchain Technology. It becomes a hot topic of today business-And we are hooked.

Just keep reading this story…

And, I will tell you the most fundamental and basics of Blockchain Technology in very simple words. So in this way, beginners and everyone can learn this topic in just seconds.

Before I start what is Blockchain, I want to tell you a short story why we need Blockchain urgently as well as what are the benefits of Blockchain technology?

When you got to vote in the elections and you press the button on EVM for your favorite party.

Have you ever thought…?

Your vote is actually being registered or not. Your vote is actually counted. I am not just talking vote on EVM. Even through the ballot papers. What guarantees that it will be counted and any scams will not take place?

For guarantee, we have to trust on third party. And the third party is election commission.

But imagine, if we could have verify our own votes without depending on third party. We can do so, if we introduced the Blockchain technology in election system. Blockchain technology is the only solution which improves the voting system by bringing the trust and authenticity between individuals.

Yes…It’s the same technology on which bitcoin based.

Some experts believe that…

Blockchain can change the whole voting system in future.

Just Imagine, how big this Blockchain

Now we take another sweat example in daily life….

You go to cloth shop. When, you buy a new shirt. You want to make sure that the shirt is real and genuine. Blockchain can help you.

Each shirt is given a digital signature that’s recorded on the Blockchain. This way, you can easily find out if your shirt is from actual brand or not. Even you can assess the fabric and where the raw materials came from. It can make your transaction more secure without any security risks. In this way you can buy real clothes.

Apart from that….

“Start from finance industry to various other sectors like healthcare, education, real estate, supply chain management and even government, Blockchain is used everywhere”

So, from above discussion we can conclude that it is very essential to learn the basic knowledge of Blockchain.

In this blog, you will learn the storytelling Blockchain in simple and easy words.

The biggest question is….

What is Blockchain?

Blockchain is a distributed network system used to store any type of information. The information may be financial data, record of products, voting record of transparent election and record of intellectual property. All types of data stored in the decentralized way. Decentralized means there will be no central authority. The example of Blockchain is Bitcoin. Bitcoin is a digital cryptocurrency.

Blockchain Technology: Decentralized Network

Now before you understand the concept of cryptocurrency, first you must know about physical currency…

What is physical currency?

Physical currency is money you can touch and hold in your hands or in your pockets. Like coins and paper bills. Examples include coins like quarters, pennies and paper money like dollars, Rupees and pounds. Physical money is stored in bank accounts.

Example of Physical money: Dollars

What is Cryptocurrency?

Cryptocurrency is online money which used for transactions from one person to another person via cryptography. In other words it is a digital or virtual currency in which both Sender and receiver can control your own transactions and keep records. All transactions happen in decentralized way. Decentralized means there is no central authority like banks. This type of money can be stored electronically in digital wallets. Examples of cryptocurrencies are

• Bitcoin
• Ether
• Ripple
• Monero and Litecoin.

All these digital currencies are based on Blockchain technology.

Cryptocurrencies: Bitcoin, Ethereum

Why do cryptocurrencies use Blockchain Technology?

• Cryptocurrencies use Blockchain for security and transparency.
• Blockchain records transactions in a tamper-proof way.
• It prevents fraud and ensures trust in the cryptocurrency system.
• All transactions are stored in blocks linked together, forming a chain.
• Blockchain is decentralized system which does not required third party.

Do all cryptocurrencies use Blockchain?

No, not all cryptocurrencies use Blockchain technology.

Examples of cryptocurrencies that do not use Blockchain technology include:

IOTA: Uses a directed acyclic graph (DAG) called the Tangle.

Nano : It uses a block-lattice structure where each account has its own Blockchain.

Byteballs: Uses a directed acyclic graph (DAG) similar to IOTA.

Holochain: Uses distributed hash table (DHT) for data storage

Which cryptocurrencies are supported by Blockchain?

Blockchain supports the following types of cryptocurrencies for trading, selling and buying.

• Ethereum (ETH)
• Ripple (XRP)
• Dogecoin (DOGE)
• Cardano (ADA)
• Bitcoin (BTC)
• Stellar Lumens (XLM)
• Solana (SOL)
• Polkadot (DOT)
• Bitcoin Cash (BCH)
• Litecoin (LTC)
• TRON (TRX)
• Ethereum Classic (ETC)
• Algorand (ALGO)
• NEAR Protocol (NEAR)
• Stacks (STX)
• Celo Euro (cEUR)
• The Open Network (TON)
• DeSo (DESO)

Besides above, Thousands of cryptocurrencies exist, each with its own unique features, purposes, and use cases. The number of cryptocurrencies supported by Blockchain technology is vast and constantly evolving.

I hope you found this blog helpful! And if you want to learn more about cryptocurrencies, Blockchain, and are curious about the innovations in digital currencies, then leave a reply in the comment box.