Ask Skcript is an advice column for people to understand complex technology in a simple way from us. We try to keep the answer as simple as possible.
Q: In simple terms, what are the major elements that make a blockchain?
A: The blockchain network majorly runs with four elements or modules (if we may call them that). To make things simpler. let me try to give you one line explanations on what these elements are:
- Provenance: This is literally the context of a transaction. People in the blockchain know where the transaction is coming from and where has it been. Provenance enables that in a blockchain.
- Consensus: These are smart contracts. For a transaction to be valid, it has to be verified by everyone in the blockchain. Consensus module enables you to do that in a blockchain.
- Immutability: The module that is responsible to not allowing anyone to tamper the transaction in the system. This is literally the core characteristic of a blockchain. If a transaction is being tampered, this module is responsible for reversing that transaction across the network.
- Trustability: This is what makes the blockchain, blockchain. The ability for anyone to inquire about the transaction and verify its authenticity.
Though each and every module is a book of its own, I’ve tried to make this as simple as possible for you. You can interact in our Blockchain Forum with more questions.
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