Introduction
Blockchain an Innovative Technology is a system in which a record of number of transactions made in bitcoin or other cryptocurrency are maintained across different computers that are linked together according to peer-peer network. If you have been following any kind of bank, investing agency from over the last few years you must be familiar with the blockchain concept. In short, blockchain is s appropriated, disperse public ledger. The most amazing thing is that blockchain is easy to understand than that the definition sounds.
Why call it Blockchain?
Blockchain an Innovative Technology is just a chain of blocks. When we actually talk about the following words block and chain in this perspective we are actually talking about digital information the “block” stored in a public database called chain.
Block on blockchain made up of digital pieces of information. Especially block have three parts:
- Blocks store information about transactions like the date, time, and dollar amount of your most recent purchase from Amazon.
- Blocks usually store information about who is taking part in transactions. A block for you celebrate purchase from Amazon may record your name along with Amazon.com instead of using your original name your purchase will recorded without any kind of identification by using the digital signature.
- Blocks store information that determine them from other blocks. Each block stores a unique code called Hash that allows us to tell to differ it with other blocks.
A single block in blockchain can usually store up-to 1mb of data. Depending on the size of the transactions that means a single block can handle thousands of transactions under one roof.
How Blockchain Works?
Whenever a blockchain an innovative technology stores new piece of data it is added to the blockchain. Blockchain as its name suggests consists of multiple different blocks that are interlinked together. A block to be added in a blockchain four things will must happen:
- A transaction must occur.
- The transaction must be verified, After the completion of transaction your transaction must be fully verified. In blockchain, the job is left up to a network of computers. These networks usually consist of about 5 million bitcoins spread across all over the world.
- Transaction stored in a block. Once the transaction verified it gets the green light. Transaction’s amount in dollars, digital signature all are stored in a block.
- That block must be assigned with a hash. Once, the block hashed that block added into the blockchain.
When the following block added into the blockchain it could be available for public view even you can also see that block.
Blockchain security:
Blockchain an Innovative Technology according to its security issues can be trust in several ways. Blocks are always stored in definite and sequential.They are always added to the ‘end’ of the blockchain. In this concept each block has a particular position in a chain called a height.
Once the block has added to the end of the chain its quite difficult to go back and change the contents of the block. That’s because each block has its own “hash” . These hash codes are generated by a math function that returns digital information into a string of numbers and letters. If the following information changed then the hash code will automatically changed.
In order to change a single block than the hacker would need to change every single block block followed by next block. Recalculating those hashes would need huge amount of power of the system. In short, once the block is added into the blockchain then it’s quite difficult to change that block.
