WHAT IS A BLOCK CHAIN? HOW DOES A BLOCK CHAIN WORK?

IN THIS POST
WE GET TO KNOW ABOUT BLOCK CHAIN AND HOW DOES BLOCK CHAIN WORKS?

What Is a Blockchain?

There is a common ledger or database within a computer network that has been created as a result of the network's nodes sharing the information. In a blockchain, information is stored electronically in digital format as a database. It is known that blockchains are vital for maintaining secure and decentralized records of transactions in cryptocurrency systems, such as Bitcoin. An advantage of blockchain technology is that it guarantees fidelity and security of data records without requiring a third party to verify its authenticity.

Blockchains differ from traditional databases in how their data is structured. Blocks of information in a blockchain are grouped into groups called blocks. Blockchains are chains of data made up of blocks that have certain storage capacities, which are linked together when filled. Once a newly added block is filled, all new information following it is compiled into another new block that will also be added to the chain.

Blockchains are structured as chunks (blocks) strung together, rather than as tables like a database. If implemented in a decentralized manner, this data structure makes it possible to implement an irreversible timeline of data. Blocks become part of this timeline when they are filled in. A timestamp is given to each block in the chain when it is added.

How Does a Blockchain Work?

Blockchain enables the recording, distribution, but not editing, of digital information. Therefore, blockchains serve as the foundation for immutable ledgers, records of transactions that can never be changed, deleted, or destroyed. The blockchain is also known as a distributed ledger technology (DLT).