Blockchain Technology

Blockchain is a distributed database or ledger that is shared among the nodes of a computer network. A Blockchain serves as an electronic database for storing data in digital form. The most well-known use of Blockchain technology is for preserving a secure and decentralised record of transactions in crypto currrency systems like it coin. The innovation of a Blockchain is that it fosters confidence without the necessity for a reliable third party by ensuring the fidelity and security of a record of data. The way data is organised in a Blockchain differs significantly from how it is typically organised. In a Blockchain, data is gathered in groups called locks that each includes sets of data. Blocks have specific storage capabilities, and when filled, they are sealed and connected to the block that came before them to create the data chain known as the lockchain.

A Blockchain, as its name suggests, arranges its data into pieces (blocks) that are strung together, whereas a database typically organises its data into tables. When used in a decentralised way, this data structure creates an irreversible chronology of data by design. When a block is completed, it is irrevocably sealed and added to the timeline. When a block is added to the chain, it receives a precise timestamp.

How does a Blockchain Work?

Blockchain aims to make it possible to share and record digital information without editing it. A Blockchain serves as the basis for immutable ledgers, or records of transactions that cannot be changed, removed, or destroyed. Blockchains are also referred as distributed ledger technologies because of this (DLT).

Is Blockchain Secure?

Decentralised security and trust are made possible by Blockchain technology in a number of ways. To start, new blocks are chronologically and linearly stored. In other words, they are constantly added to the blockchain’s “end”. It is very difficult to go back and change the contents of a block once it has been added to the Blockchain unless a majority of the network has agreed to do so. This is due to the fact that has its own hash, as well as the hash of the block that came before it and the aforementioned date. Has codes are created by a mathematical function that turns digital information into string of numbers and letters. If that information is edited in any way, then the hash code changes as well.

Advantages of Blockchain

• A Blockchain is a particular kind of database that varies from other databases in that it saves data in blocks that are subsequently connected via cryptography.
• A new block is created as each new piece of data arrives. The data is chained together in chronological sequence once the block has been filled with information and is attached to the block before it.
• Since the Blockchain are immutable, the data entered into them cannot be changed. This means that with Bitcoin, all the transactions is logged permanently and are open to public inspection.