Blockchain technology means a decentralized, distributed ledger that records the origin of a digital asset. Blockchain, also attributed as Distributed Ledger Technology (DLT), making history of digital assets unalterable and transparent over the use of decentralization and cryptographic hashing.
A simple comparison to understand blockchain technology is Google Doc. A document created and shared with a group of people, the document is shared rather being copied or transferred, and thus it creates a decentralized distribution chain by which everyone can access the document at the same time. Any modifications done in the doc will be recorded, thus making changes absolutely transparent.
The “Blocks” on blockchain are comprise of digital pieces of information. Mainly of three parts:
How does a block chain work?
The Blockchain is publicly available for all to view once the new block is added.
How safe is Block chain?
Issues of security and trust are accountable in blockchain technology. The new blocks are stored linearly and chronologically, by which they are added at the “end” of the blockchain. It is difficult to alter the contents of the block once added, as each block contains a hash along with the hash of the block before it. A math function creates the hash codes by which the digital information turns into strings of numbers and letters. The hash code changes if there is editing in the information.
Another importance to security; in case a hacker tries to edit somebody’s transaction on an e- purchase the buyer ends up paying double the purchase. The block’s hash will change accordingly, and the hacker will have to change the earlier, thus making it difficult to edit and impossible to delete. So in order to address the trust issue, the implementation of tests for computers that wants to join or add blocks to the chain are done in the blockchain network.
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