Blockchain Technology

Introduction to Blockchain Technology

Blockchain is a revolutionary technology that functions as a shared, immutable digital ledger. The name "blockchain" comes from its structure data is organized in blocks, with each new block linked to the one before it, forming a continuous chain.

Each block contains crucial data, such as a list of transactions, a timestamp, and a unique identifier called a cryptographic hash. This hash is generated from the block's contents and the hash of the previous block, ensuring that each block is tightly connected to the one before it.

Blockchain's linked structure makes data tampering detectable by altering hashes and breaking the chain.

It acts as a distributed database, storing transactions across

the network.

Each transaction is verified by the majority, ensuring legitimacy.

This decentralization prevents any single party from manipulating the data.

Blockchain is decentralized and distributed, meaning no single authority controls it. Instead, multiple computers (nodes) on a network each have a copy of the blockchain, keeping the ledger synchronized. This setup ensures that once data, like a transaction, is recorded and confirmed, it becomes immutable almost impossible to alter or delete.

How does Blockchain Technology Work?

One of the famous use of Blockchain is Bitcoin. Bitcoin is a cryptocurrency and is used to exchange digital assets online. Bitcoin uses cryptographic proof instead of third-party trust for two parties to execute transactions over the Internet. Each transaction protects through a digital signature.

Blockchain Decentralization

There is no Central Server or System which keeps the data of the Blockchain. The data is distributed over Millions of Computers around the world which are connected to the Blockchain. This system allows the Notarization of Data as it is present on every Node and is publicly verifiable.

Blockchain nodes

A node is a computer connected to the Blockchain Network. Node gets connected with Blockchain using the client. The client helps in validating and propagating transactions onto the Blockchain. When a computer connects to the Blockchain, a copy of the Blockchain data gets downloaded into the system and the node comes in sync with the latest block of data on Blockchain. The Node connected to the Blockchain which helps in the execution of a Transaction in return for an incentive is called Miners.