The Big B Blockchain 😎

When we talk about web3 or decentralisation, Blockchain is the big daddy technology that is making it happen. Let’s say you want to sell your smartphone. Currently you will use platform like OLX which acts as an intermediate between you and the person to whom you want to sell. The payments might be processed via some bank which will cost you or/and the other person some money.

Now because of blockchain, you will be able to sell your smartphone to that person without actually involving OLX or any other bank in between. That’s blockchain explained on very basic level.

Blockchain is basically a network of computers called nodes which all have same history of transactions.

So instead of one company or a database which holds all the information, now the information is spread across whole of the network. Whenever a transaction occurs, that is validated by everyone and is put ahead in that history of transactions in that network.

All the transactions are encoded using a technique called cryptography.

That's it for the day. Web3Shala Signing Off ✌🏻

Have a nice day :)Keep Learning 🙏🏻