Blockchain

What is Blockchain ?

Blockchain is a cryptographically secured, time-stamped, public and distributed data of every transaction that has ever occurred on the network. So this means that the information in the blockchain is broadcast  and recorded by each and every node in the network. There is no one central database. Users can refer to the list of transactions and check exactly  how many bitcoins have ever belonged to any specific address at any point of the time. By this kind of  way the system is transparent, double in the spend which  is prevented, and there is no need for a trusted authorities.

The blockchain is supported by miners the computer workers who put computing power in the task of solving a mathematical problem that will convert or reward  them with bitcoins, while at the same time producing the security of  the blocks of  the data in the chain. 

How Blockchain Works

• A transaction must occur. Let’s have the example of your Amazon purchase. After hastily clicking through multiple checkout prompt, you go against your better judgment and make a purchase.

• The transaction must be verified and after making that purchasing , your transaction must be verified. With other public records of information, like the Securities Exchange Commission, Wikipedia, or your local library, there’s someone in charge of vetting new data entries. By the help of blockchain, however that job is left up to a network of computers. When you make the purchase from Amazon, that network of computers rushes to check that your transaction happened in the way you said it did. That is, they confirm the details of the purchase, including the transaction’s time, dollar amount, and participants. 

• That transaction must be stored in a block. Then your transaction has been verified as correct and  it gets the green light. The transaction’s dollar amount, your digital signature, and Amazon’s digital signature are all stored in a block. The transaction will join hundreds, or thousands, of others like it.

• Then the block is  given a symbol hash . When all of a block’s transactions have been verified, it must be given a unique, identifying code called a hash. The block which is been verified is also given the hash of the most recent block added to the blockchain. Once denoted hashed, the block can be added to the blockchain.