In recent years, there is a lot of buzz on Blockchain. Many have described this as a most disruptive technology of the decade. Especially, the financial markets could be the most affected ones.
The technology is being adapted into many verticals like Healthcare, Medicines, Insurance, Smart Properties, Automobiles, and even Governments.
However, so far the most successful implementation of Blockchain is the Bitcoin – A Peer-to-Peer Electronic Cash System, which incidentally is also the first implementation of blockchain technology. Thus, to understand blockchain technology, it is best to understand how Bitcoin System is designed and implemented.
In this article, you will learn what is Blockchain, its architecture, how it is implemented and its various features. I will site Bitcoin implementation while describing the intricacies of blockchain.
The blockchain architecture is not so trivial and many have written good articles, tutorials including several videos. These range audience from Novice to Professionals. In this tutorial, I will focus on the conceptual understanding of blockchain architecture, keeping both Novice and Professionals on mind. Before delving into the blockchain, it is important to know why the need for this new technology emerged? The answer to this question lies in what is known as Double − Spending.