What is Blockchain? How it works? How to read a transaction history in a blockchain explorer?

As most of us know about bitcoins and many of us confuse it with Blockchain , so to make it clear. Bitcoin is only a crypto-currency and it is implemented using a blockchain. For example, Steem is a cryptocurrency and the method on which it is created is blockchain. So , blockchain is a model / philosophy , not a currency.

Another exanple is that, we all know about internet. Now, Email is feature of internet. Compare this with steemit.com , which is implemented using blockchain.

Terminologies :

Nodes.
Miners.
ledger.

How blockchain works?

Blockchain technology is an open distributed ledger that can record transactions of two parties securely and efficiently. As it is distributed, Blockchain is typically managed by a peer-to-peer network working simultaneously together to solve complex mathematical problems in order to validate new blocks. Once recorded, the data in any given block cannot be updated retroactively without changing all subsequent blocks, which requires the confirmation of the majority in the network. This is the main reason why blockchain technology is secure and not susceptible to hacking.

How to read a transaction history in a blockchain explorer?

All blockchains use a hash. Hashes are long series of random strings used to track your transaction.With the use of transaction hash or a wallet address, anyone can check the details of their transaction.

You may find the transaction hash to check the status of your transfer. Please note that to pass successfully, your transaction should receive a certain amount of confirmations. The confirmation will turn to green when it was successfully processed. You will find the sender’s wallet address and the destination wallet address together with the amount and the fees of your transfer