A distributed software network called a blockchain serves as both a digital ledger and a method for the safe and direct transfer of assets. Blockchain is a technology that makes it possible to exchange units of value digitally, much like the internet is a technology that makes it possible for information to move digitally. On a blockchain network, anything may be segmented, saved, and transferred, including money, land rights, and votes.
Blockchain was invented to store digital assets. Unlike traditional database this database doesn’t have in charge, who can modify the entries. It is extremely difficult to modify or fake data in blockchain after it has been stored in blockchain. Because the blockchain can’t be altered with. As a result, you may trust it to be more accurate. As blockchain is a distributed system managed by several users, it protects against network assaults. Therefor people can trust this to make digital assets.
Data blocks are stored in a chain on thousands of computers or servers spread across a large geographic region. Here each computer/server is considered as node. Blockchain is a peer-to-peer network that is built on decentralized technology. Which means no any centralized system to store the data and control the actions.
Each node in the blockchain keeps a ledger of complete credit and debit transaction that is duplicated and distributed throughout the network. Any user can view the data at any node. The record on the ledger is stored in blocks. When a new transaction occurs, the record will have added to every participant’s ledger.
Transactions have certain features.
· All transactions are atomic. Which implies that if a credit or debit account failure happens during a transaction, the entire transaction will be cancelled.
· Each transaction is conducted separately from the others. As a result, no two operations can interact or interfere with one another.
· Each transaction can be inspected. The sender and receiver addresses will be included in each transaction.
· Blockchain objects are immorable. The object’s code cannot be modified. All of the information is permanent.
Blocks in blockchain are made up of digital pieces of information which stores the information about the transactions such as date, time, amount and the address of parties involved in transaction. And each block has its own hash value as well as the previous block’s hash value. (Hashing is a mathematical function that produces a string of a defined length based on the input data. This is a one-way function that returns the same string value regardless of the input). With the aid of the hash value, each block is linked together to form a chain.
When any data in the block is changed, the resultant hash is changed, and the block becomes invalid. This will have an impact on the following block, which will store the hash of the preceding block’s hash. And it will affect the following block if it does not renew its hash. Similarly, the complete chain must be changed. That is why blockchain is resistant to hacking since they would have to modify every block in the chain if they wanted to disrupt the system.
good content
nice intro
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