Understanding Blockchain — How it works!

from InvestopediaUnderstanding Blockchain — How it works!By Wimal Perera on The Capital“Bitcoin” and “Blockchain Technology,” nowadays, are 2 of the most frequently heard words within technical communities; especially amongst those working in banking and finance. However, the lack of foundational concept knowledge behind “blockchain technology,” has made understanding “blockchain” difficult.A predecessor article (termed “Understanding Blockchain — Foundation”) explains several prerequisite concepts helpful for understanding the internals of “blockchain technology,” as listed below.Ledger (simplified in-line with the context of understanding blockchain)Cryptographic Hash FunctionsSymmetric & Asymmetric Key CryptographyDigital SignaturesDe-centralized NetworkThe above 5 terms will be interchangeably used throughout this article while explaining “how blockchain works.” Please feel free to look out for them under relevant sections within “Understanding Blockchain — Foundation” article, if you haven’t heard about any of them before or whenever you need more clarity on them while reading this article.Understanding Blockchain — How it works! was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Author: Wimal Perera

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