Over the past few years, all continuously heard the technology called Blockchain. What exactly it is and how it works? Explained here
Blockchain is like a chain of the block where the continuous integration of data takes place. In clear, digital information, i.e. blocks, is stored in a publicly hosted database called chains. Blockchain is not a new technology and not invented in 2020’s it is old and developed long back by technology experts. We generally hearing one word in a current trend that is Bitcoin yes, bitcoin uses blockchain technology in the background.
Blocks are the set of immutable records like bank transactions details like holder name and date of purchase. Blocks have its internal working units to perform its task like signatures and all. Chains are like the databases which host the blocks data.
How it hosts?
Blockchain is a continuous chain of nodes (node is like a system) which connected to the network of Blockchain. In this, every node tightly connected and communicated with each other. While we research its internal architecture of blockchain technology, it is straightforward but not easy.
Blocks in the chain are connected to the peers and form a chain which never ends. How much is it secured as it is doing publicly?
Blocks are the immutable records means we can’t edit the blocks if you create it to let it and each block has a unique hash code that is generated using math algorithms, we can say cryptographic algorithms. The main thing in blockchain technology is the digital signature of the previous block is stored in the next continuous block for marinating a secured chain. It has cryptographic keys for each block of information, and it has a peer-peer network ledger.
Suppose hacker wants to change the single block in the chain it will affect the entire string as it contains previous block address and next integrated with the next block. It is complicated to calculate hash codes and to change it for the whole chain is not possible for anyone. So clearly once a block to the chain is impossible to edit and to delete as it is an immutable record. Blockchain technology consists of two types of keys one is public, and another is the private key.
Blockchain ultimate goal is to allow and store digital information securely and shared over the network and can’t be edited by anyone.