Blockchain Basics: A Non-Technical Introduction in 25 Steps

the chaining of the data blocks in the data structure is achieved by using a very special numbering system , which differs from the page numbering in ordinary books.

In a peer-to-peer system, the same transfer would be much simpler

Semantic correctness focuses on the meaning of transaction data and their intended effect.

Each blockchain-data-structure represents one ledger and is maintained by one node of the system. The blockchain-algorithm is responsible for letting the individual nodes collectively arrive at

In this discussion about the blockchain, the term is used as follows: As a name for a data structure As a name for an algorithm As a name for a suite of technologies As an umbrella term for purely distributed peer-to-peer systems with a common application area

In order to accommodate smart contracts, the blockchain technology has been extended by the capability to execute programming code . This extension has transformed the blockchain from a distributed system that mainly focuses on storing transaction data into a distributed system of virtual machines that executes smart contracts.

Inventory data just state or claim ownership, while transaction data explain and thereby justify ownership.

solving the hash puzzle takes an unknown period of time.

that the history of transaction data is the heart of the blockchain.