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Summary Blockchain Basics - Study Guide

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Blockchain Basics
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Blockchain Basics
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An original study guide to blockchain: distributed ledgers, consensus mechanisms, Bitcoin, Ethereum, smart contracts and real-world trade-offs. Includes balanced analysis and practice questions. Ideal for blockchain courses.

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Blockchain Basics - Study Guide
Distributed ledgers, consensus, smart contracts, Ethereum and real-world
trade-offs




Complete Study Guide | Key Concepts | Examples | Practice Questions

, 1. What Blockchain Is

A blockchain is an append-only distributed ledger: batches of transactions (blocks) linked by cryptography, copied
across many nodes with no central owner.

- Block = transactions + previous block's hash + nonce/timestamp.
- Hash linking makes history tamper-evident: changing one block breaks every later hash.
- Decentralisation removes single points of failure and control - at a performance cost.
- Public (Bitcoin), private and consortium chains trade openness for speed/control.
- Immutability is probabilistic: deeper confirmations = harder to rewrite.




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