What is Blockchain ? How Blockchain works?

What is Blockchain ?

What is Blockchain ? (How Blockchian works?)

Blockchain is a technology that makes it possible to share information securely. A database obviously contains data. A ledger is an account book where transactions are entered. The ability to update a blockchain is shared among the nodes, or participants, of a public or private computer network. A blockchain is a sort of distributed database or ledger, one of today's top technological developments. Distributed ledger technology, or DLT, is what this is. Digital tokens or money are used as incentives to encourage nodes to update blockchains.

Blockchain enables the transparent, irreversible, and permanent recording of data and transactions. Thus, it becomes feasible to exchange anything with worth, whether it be a material object or something intangible.

Three key characteristics define a blockchain. A blockchain database must be cryptographically secure to begin with. Accordingly, two cryptographic keys are required in order to access or contribute data to the database: a public key, which is essentially the database address, and a private key, which is a unique key that the network must validate before it can be used by the user.

A blockchain is a completely online, digital transaction record or database.

A blockchain is a database that is shared across a public or private network, to finish. The Bitcoin blockchain is one of the most well-known public blockchain networks. Anyone can create a Bitcoin wallet and join the network as a node. Some blockchains can be exclusive networks. These are more relevant to banking and fintech since such industries require transparency regarding participants, data access rights holders, and private database key holders. Consortial blockchains and hybrid blockchains are two more forms of blockchains that incorporate various features of both public and private blockchains.

What is Blockchain ? (How Blockchian works?)

How Blockchian works ?

A "block" is where the records of all the transactions are kept when data on a blockchain is accessed or changed. Through the use of distinctive, immutable hashes like those produced by the SHA-256 algorithm, recorded transactions are encoded. Elderly data blocks are combined rather than overwritten by fresh ones to enable the monitoring of any changes. Additionally, since all transactions are encrypted, records are unchangeable, allowing the network to detect and reject any alterations to the ledger.

As transactions are continuously and indefinitely logged and these blocks of encrypted data are continuously "chained" to one another, a flawless audit history is created that enables access to previous iterations of the blockchain.

The majority of nodes, often referred to as consensus mechanisms, must verify and certify the legality of new data when it is uploaded to the network based on permissions or financial incentives. A new block is made and added to the chain when agreement is reached. The blockchain ledger is then updated on all nodes.

The first node in a public blockchain network to credibly demonstrate the authenticity of a transaction is rewarded financially. It is known as "mining" to do this.

Here is a hypothetical illustration of how blockchain functions. Imagine someone searching the secondary market for concert tickets. This person has previously fallen victim to a scam involving someone selling a bogus ticket, so she chooses to try one of the recent blockchain-enabled decentralised ticket exchange platforms. Each ticket on these websites is given a distinct, unchangeable, and verifiable identity that is connected to a real person. The majority of network nodes verify the seller's credentials first before member of the audience buys her ticket, assuring that the ticket is actually authentic. She purchases a ticket and takes in the performance.

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