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Blockchain-Simplified for you
As the word blockchain suggests, A blockchain is a chain of blocks that contains information. This approach was initially described in 1991 by a group of researchers and was originally intended to timestamp digital documents so that it’s not possible to tamper with them. However, it mainly went unused until Satoshi Nakamoto adopted it in 2009 to create the digital cryptocurrency Bitcoin.
A Blockchain is a distributed ledger that is completely open for anyone to access; each block contains data, hash, and the previous block’s hash. A hash identifies a block and all of its contents, and it is always unique. Once a block is created, its hash is being calculated. Making any changes inside the block will cause the hash to change. Hashes are very useful to detect changes in blocks. The hash of a previous block creates a chain and makes this approach so secure.
Blockchains use the Proof-Of-Work technique; it’s a mechanism that slows down the creation of new blocks. The security of a blockchain comes from the creative use of hashing and the Proof-Of-Work mechanism.
Blockchains are distributed instead of using a central entity to manage chain Blockchains use a P2P(Peer to Peer) network, and everyone is allowed to join. When a new block is created, it is sent to everyone on the network to verify the block to ensure that it has not been tampered with, and then this block is then added to the blockchain by each node. All the nodes in this network create a consensus to validate blocks.