Open Source And Blockchain: Building Trust In A Decentralised World
OpenSource For U, Tuesday, November 14,2023
The marriage of blockchain and open source has ushered in a new era of innovation, collaboration, and decentralised possibilities. So let's explore what blockchain entails, its diverse types, the dichotomy of public and private blockchains, and why open source is the bedrock upon which the future of blockchain will be built.
At its core, blockchain is a digital ledger that records transactions in a secure, transparent, and immutable manner. Picture it as a chain of blocks, each containing a set of transactions. These blocks are linked together in chronological order, forming an unbreakable chain. The brilliance of blockchain lies in its decentralised nature; no single entity has complete control over the network. Instead, it's maintained by a network of computers, or nodes, that work collaboratively to validate transactions through consensus mechanisms like proof of work (PoW) or proof of stake (PoS).