A complete guide for total beginners with no prior knowledge but a keen interest to learn about this evolving technology of Blockchain. Learners will be able to have a complete understanding of blockchain beyond cryptocurrency. Anyone can start their understanding of the fundamentals of blockchain, the blocks, nodes, public and private blockchain, and its application.

A COMPARISON BETWEEN BLOCKCHAIN AND INTERNET

The Internet is an information machine while the blockchain is a truth machine

*) The Internet is a machine of information that allows people to transmit information to each other with lower cost and higher efficiency.

*) The blockchain’s data structure, along with a combination of cryptography, timestamps and other technologies, ensures that once a piece of data is linked, it is not tampered with or revoked, but is traceable.

*) So blockchain is a truth machine compared to the Internet.

*) This is a very big difference between the Internet and blockchain.

*) In the Internet era, no matter what kind of database, the data can be revoked and changed, which means there’s no Internet-based database is immutable.

Trust mechanism is the core difference

*) The trust mechanism between the Internet and the blockchain is completely different.

*) There is no good or bad. The difference between centralized trust mechanism and the decentralized trust mechanism is not being good or bad, high or low.

*) But when the proportion of the digital economy and digital life becomes higher and higher, we may no longer rely on the centralized trust mechanism to make a trusted endorsement in some environments and scenarios.

*) Instead, using a decentralized trust mechanism is more efficient and lower-cost.

*) This is the core difference between the Internet and blockchain.

*) Decentralized trust mechanism relies on algorithms to build trust and make trust endorsement.