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What do you mean by Blockchain?
Understanding blockchain is really complex in nature? Talking about its most fundamental parts, it is truly like a long chain of blocks. If we separate the words “block” from “Chain”, then you can consider the “block” as digital information that is stored in a database named “Chain”. The concept came to light in 2008 by Satoshi Nakamoto(individual or a group of people) that had taken Cryptography as its sole base.
Here, the digital information or we can say Blocks has three sub-parts –
- The digital information in the form of Date, time, or amount.
- The participants in the transaction.
- The information that differentiates one block from another.
How does Blockchain work?
Every time some data comes into the block, immediately it is transferred to blockchain. Blockchain consists of a huge number of blocks linked together in a systematic way. However, there are four conditions that should happen before a block is added to a blockchain, Checkout a Disruptive System for Safeguarding Digital Assets.
- A Transaction should take place
- Verification of the transaction
- The transaction should store properly in Block
- Hash should be provided to block
The moment a block enters the blockchain, it becomes accessible to the public and anyone including you can see it. That’s simple right? Understanding Blockchain seems easy now.
Is it Safe?
Are you thinking it’s safe? Yes, it is. Understanding Blockchain’s trustworthiness is a need of the hour. There are some reasons why it is considered safe. First reason, Blocks are added chronologically and linearly only at the back of blockchain. Once you find the block in the end, there is no way you can alter its contents. This is because every single block is equipped with a hash, apart from the hash of an adjacent block. Math functions are responsible for the hash of every block. This math function turns the digital information present inside blocks into a string of letters and numbers. This makes the entire concept of Blockchain extremely safe.
