ALL ABOUT BLOCKCHAIN


What is Blockchain?

If this technology is so complex, why call it “blockchain?” At its most elementary level, blockchain is just a sequence ofblocks, but not within the traditional sense of these words. Once we say the words “block” and “chain” during this context, we are talking about digital information (the “block”) stored during a public database (the “chain”).

How Blockchain Works?

When a block stores new data it's added to the blockchain. Blockchain, as its name suggests, consists of multiple blocks strung together. So as for a block to be added to the blockchain, however, four things must happen:

A transaction must occur. Let’s continue with the instance of your impulsive Ali Baba purchase. After hastily clicking through multiple checkout prompt, you go against your better judgment and make a sale. As we discussed above, in many cases a block will group potentially thousands of transactions, so your Ali Baba purchase is going to be packaged within the block alongside other users' transaction information also.

The transaction must be verified. After making that purchase, your transaction must be verified. With other public records of data, just like the Securities Exchange Commission, Wikipedia, or your local library, there’s someone responsible for vetting new data entries. With blockchain, however, that job is left up to a network of computers. Once you make your purchase from Ali Baba, that network of computers rushes to see that your transaction happened within the way you said it did. That is, they confirm the small print of the acquisition, including the transaction’s time, dollar amount, and participants.

The transaction must be stored during a block. After your transaction has been verified as accurate, it gets the green light. The transaction’s dollar amount, your digital signature, and Ali Baba’s digital signature are all stored during a block. There, the transaction will likely join hundreds, or thousands, of others, love it.

The block must tend a hash. Not unlike an angel earning its wings, once all of a block’s transactions are verified, it must tend a singular, identifying code called a hash. The block is additionally given the hash of the foremost recent block added to the blockchain. Once hashed, the block is often added to the blockchain.

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