Blockchain technology has been transforming technology and finance with its decentralized, secure, and immutable transaction system. It has the potential to revolutionize various industries, including finance, healthcare, and supply chain management. In this project, we develop a simple blockchain from scratch using Python to understand the concept better.
A blockchain consists of several key components:
- Distributed Ledger: A decentralized database that records all blockchain transactions or data.
- Blocks: These are data units containing a set of transactions, linked sequentially to form a chain.
- Cryptographic Hash:: A digital signature for each block, ensuring the block’s integrity and linking it securely to the previous block.
- Consensus Mechanism:: The process by which the network agrees on the validity of new transactions and blocks.
- Mining: The competitive process where participants solve complex puzzles to add new blocks to the blockchain, earning rewards for their effort
The project codes consists of the following files:
block.py: Contains theBlockclass, which represents a single block in the blockchain.blockchain.py: Contains theBlockchainclass, which manages the chain of blocks.main.py: Demonstrates how to use theBlockchainclass by adding blocks and displaying the blockchain.
To run this project, you need to have Python installed. Follow the steps below to set up the project:
- Clone the repository:
git clone https://github.com/PeymanKh/simple_blockchain_implementation.git cd simple_blockchain_implementation - (Optional) Create a virtual environment:
python -m venv venv source venv/bin/activate # On Windows use `venv\Scripts\activate`
- Install required dependencies:
pip install -r requirements.txt
To run the blockchain implementation and see it in action, execute the main.py script:
python main.py