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- Herausgeber: Sankar Srinivasan FA
- Kategorie: Wissenschaft und neue Technologien
- Sprache: Englisch
Understanding Blockchain: A Beginner's Guide to the Technology That's Changing the World
Learn Blockchain, Cryptocurrency, NFTs, and Smart Contracts in Easy English — No Tech Skills Needed
Are you curious about blockchain, but feel overwhelmed by all the tech talk?
You're not alone — and this book is here to help.
Understanding Blockchain is the perfect beginner's guide for anyone who wants to learn what blockchain is, how it works, and why it's being called the most important technology since the internet. Whether you're a student, entrepreneur, artist, or just a curious mind, this book explains everything in easy English, without confusing terms or code.
🔹 Inside this book, you'll discover:
What is blockchain, and why does it matter?
How cryptocurrencies like Bitcoin and Ethereum really work
What are NFTs, and why are people paying millions for digital art?
How smart contracts work and why they're replacing traditional agreements
Real-world use cases in business, art, education, and more
How to create a wallet, explore a blockchain, and even buy your first token
Simple safety tips to protect your crypto journey
You'll also get clear examples, real-world analogies, and tips for taking your first steps into the blockchain world — including free tools and resources you can try today.
If you've ever said, "I want to understand blockchain, but I don't know where to start," this book was written just for you.
✅ No technical experience needed
✅ Clear and simple explanations
✅ Perfect for students, creators, and curious minds of all ages
Start your blockchain journey today
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Seitenzahl: 67
Veröffentlichungsjahr: 2023
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Understanding Blockchain
Sankar Srinivasan
Published by Sankar Srinivasan, 2025.
While every precaution has been taken in the preparation of this book, the publisher assumes no responsibility for errors or omissions, or for damages resulting from the use of the information contained herein.
UNDERSTANDING BLOCKCHAIN
First edition. May 25, 2025.
Copyright © 2025 Sankar Srinivasan.
ISBN: 979-8223997146
Written by Sankar Srinivasan.
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Learn Basics
Understanding Blockchain
A Beginner’s Guide to the Technology That’s Changing the World
Sankar Srinivasan
Certified Market Professional of National Stock Exchange of India
––––––––
Copyright
While every precaution has been taken in the preparation of this ebook, the publisher assumes no responsibility for errors or omissions, or for damages resulting from the use of the information contained herein.
UNDERSTANDING BLOCKCHAIN
Copyright © Sankar Srinivasan
All rights reserved. This ebook is licensed for your personal reading only. This e-book may not be re-sold or given away to other people. If you would like to share this ebook with another person, please purchase an additional copy for each recipient. Thank you for respecting the hard work of this author. Our Print Books and E-Books are available at all leading International online book stores & E-Book stores.
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Table of Contents
Understanding Blockchain 4
Introduction to Blockchain 4
How Blockchain Works 12
Types of Blockchains 19
Cryptography and Security in Blockchain 25
Smart Contracts and Decentralized Applications (DApps) 30
Sample Smart Contracts 39
Blockchain Use Cases Beyond Cryptocurrency 47
Challenges and Limitations of Blockchain 55
The Future of Blockchain Technology 62
Investing in Blockchain: Risks and Rewards 69
How to Get Started with Blockchain 76
Conclusion and Final Notes 83
Understanding Blockchain
Introduction to Blockchain
A Beginner’s Guide to the Technology That’s Changing the World
What is Blockchain?
Blockchain is a special kind of digital record-keeping system. Imagine a notebook where every page records a set of transactions. Once a page is full, it is locked permanently, and a new page is added. In a blockchain, these pages are called blocks, and they are linked together in a chain.
The main feature of blockchain is that it does not allow anyone to change past records. Once a block is added, it becomes a permanent part of the chain. This makes blockchain a very secure and reliable technology.
Blockchain was first introduced in 2008 by an unknown person or group called Satoshi Nakamoto. It was created to support Bitcoin, a type of digital money (cryptocurrency). However, today, blockchain is used for much more than Bitcoin. It helps businesses, governments, and individuals in many ways.
Why is Blockchain Important?
Before blockchain, people had to trust banks, governments, or companies to keep records safe. For example:
● If you send money to a friend through a bank, the bank keeps a record.
● If you buy a piece of land, the government keeps a record.
● If you register for a course, the institution keeps a record.
The problem is that these central authorities can make mistakes, change records, or even be hacked. Blockchain solves this problem because no single person or organization controls it. Instead, multiple computers around the world keep the records.
Here are some key reasons why blockchain is important:
Security
– Once a transaction is recorded, it cannot be changed or deleted.
Transparency
– Everyone in the network can see the transactions.
Decentralization
– No single authority (like a bank or government) controls it.
Efficiency
– Transactions happen faster and at lower costs.
How Blockchain Works
To understand blockchain, let's break it down into three simple parts:
1. Blocks
Each block in the blockchain contains three important things:
● Data – Information about transactions (for example, who sent money to whom).
● Hash – A unique code (like a fingerprint) for that block.
● Previous Block’s Hash – The hash of the last block in the chain.
The previous block’s hash ensures that all blocks are connected. If someone tries to change a block, its hash changes, and the chain breaks, making fraud almost impossible.
2. Distributed Network
A blockchain is not stored in one place. Instead, copies of it exist on many computers (called nodes) worldwide. This means:
● No one can secretly change the records.
● Even if one computer fails, the network remains active.
3. Consensus Mechanisms
Since blockchain does not have a central authority, how does it decide which transactions are real? It uses consensus mechanisms—rules that allow multiple computers to agree on valid transactions.
There are two main types:
● Proof of Work (PoW) – Used in Bitcoin, where computers solve complex puzzles to add a block.
● Proof of Stake (PoS) – Used in Ethereum and others, where users with more cryptocurrency have more chances to validate transactions.
These mechanisms help ensure that only genuine transactions are recorded.
Key Features of Blockchain
1. Decentralization
In traditional systems, a central authority (like a bank) controls the records. In blockchain, no single person or company owns the system. Instead, everyone in the network has a copy.
2. Transparency
Every transaction is visible to all participants. This prevents fraud and builds trust.
3. Security
Blockchain uses cryptography (complex mathematical techniques) to protect data. Even if hackers try to change a transaction, they cannot because the entire chain is linked together.
4. Immutability
Once a block is added, it cannot be changed. This makes blockchain perfect for keeping permanent records.
5. Automation with Smart Contracts
Blockchain can also run smart contracts—programs that automatically execute when conditions are met. For example:
● A smart contract can automatically transfer ownership of a car when payment is received.
● It can release payment to a freelancer when work is completed.
History of Blockchain
Blockchain may seem new, but its roots go back to the 1990s.
Early Concepts (1991–2008)
● In 1991, two scientists, Stuart Haber and W. Scott Stornetta, developed the first system of digital timestamps. This prevented documents from being tampered with.
● In 2008, Satoshi Nakamoto introduced Bitcoin, the first blockchain-based digital currency.
Growth of Blockchain (2009–2017)
● 2009 – Bitcoin was launched, using blockchain to store transactions.
● 2013 – A young programmer, Vitalik Buterin, proposed Ethereum, a blockchain that could run smart contracts.
● 2015 – Ethereum was launched, expanding blockchain’s use beyond money.
● 2017 – The popularity of cryptocurrencies like Bitcoin and Ethereum exploded.
Recent Developments (2018–Present)
● Many companies, including Microsoft, IBM, and Tesla, started using blockchain.
● Governments began testing blockchain for voting, identity verification, and land records.
● Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi) became popular.
Uses of Blockchain Beyond Cryptocurrency
Blockchain is not just for Bitcoin or cryptocurrency. It is changing many industries:
1. Finance
● Fast, low-cost international payments.
● Secure digital identities for banking.
2. Supply Chain
● Tracks products from manufacturer to consumer.
● Prevents fake products (e.g., fake medicines).
3. Healthcare
● Secure storage of medical records.
● Prevents counterfeit drugs.
4. Real Estate
● Blockchain can record property ownership, reducing fraud.
● Speeds up buying and selling of land.
5. Voting Systems
● Transparent, fraud-proof digital voting.
6. Entertainment & Media
● Blockchain protects music, movies, and art from piracy.
● Artists get direct payments through NFTs.
Challenges and Limitations of Blockchain
Even though blockchain has many benefits, it also has challenges:
1. Scalability
● Bitcoin can only process 7 transactions per second, while Visa can handle 24,000 transactions per second.
● This makes blockchain slower for large-scale applications.
2. Energy Consumption
● Proof of Work (used in Bitcoin) requires a lot of electricity.
● Ethereum and newer blockchains use Proof of Stake, which is more energy-efficient.
3. Regulation and Legal Issues
● Many governments are still deciding how to regulate blockchain and cryptocurrencies.
● Some countries have banned or restricted cryptocurrency use.
4. Complexity
● Blockchain technology is still new, and not everyone understands it.
● Businesses need skilled developers to implement blockchain solutions.
The Future of Blockchain
Despite these challenges, blockchain is growing fast. Experts predict that:
● More businesses will use blockchain for security and transparency.
● Governments may launch their own digital currencies (like Central Bank Digital Currencies).
