Showing posts from January, 2019

Building Blocks of a Blockchain - Part 2

I strongly suggest that you read the first part before reading this part as I can assure you that the old man still has a long story to tell.
Blockchain involves a lot of technical terms which we are going to learn about in the second part. Thinking of running away, don’t, as we are going to understand each and every term and the complete functioning of blockchain through real-life analogies. So grab yourself something to eat and start reading…
What the old man suggested in the story was an example of DISTRIBUTED LEDGER TECHNOLOGY (DLT)? A distributed ledger is a type of database that is shared, replicated, and synchronized among the members of a DECENTRALIZED network. The distributed ledger records the transactions, such as the exchange of assets or data, among the participants in the network.

Taking cues from the story, the book of promises which the brothers maintained is the ledger book. A ledger book is a record of transactions which is maintained to ensure that no one forgets h…

Understanding Blockchain – Part 1

In the first part, instead of bombarding you with technical jargons, I will tell you a story. This story will form the basis of understanding the technical jargons which will get introduced in Part 2 of this series.
There once lived an old man who had 10 sons. They all lived together. The old man was a clever man. He made each son choose a different profession so that they all could help out each other. One farmed while the other one hunted, the third one made pottery while the fourth one became a milkman. Hence, all decisions were taken by him. The family lived in this manner for quite some time. However, all the produce was brought to the old man for distribution among the brothers. You can say the old man was a central authority.
The old man thought that since he has to die one day, he must think of a solution that the brothers can apply to distribute the various items they produced. He knew that the centralized authority which he has commanded over the years will not remain after h…

Digital Signature

We learned about the basics of cryptography in the first post. We then learned about the types of cryptography – symmetric and asymmetric (private and public key cryptography). Then we mixed both of them to get the hybrid aspect. As if this was not enough, intelligent minds mixed hashing into cryptography to produce digital signatures.
It’s time to learn about this new potion – Digital Signature. Before we delve into detail, we must understand what is hashing. Hashing is a method to ensure that the integrity of the message has not been compromised with. A one-way hash function is used for creating a hash that takes a variable-length string (a message) and produces a fixed-length value called a hash value. This hash value will only change if a change has occurred in the message. If there is no change, then the hash value will not change if you apply the one-way hash function 1 time or a 1000 times. Let’s take an example to understand this. 
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