Blockchain Technology

Blockchain
What is Blockchain Technology? How does it Work?




Blockchain Technology Defined

Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. By inherent design, the data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity, and healthcare.

In simpler words, the digital ledger is like a Google spreadsheet shared among numerous computers in a network, in which, the transactional records are stored based on actual purchases. The fascinating angle is that anybody can see the data, but they can’t corrupt it.





How Does Blockchain Work?

Blockchain consists of three important concepts: blocks, nodes, and miners.

Blocks:

Every chain consists of multiple blocks and each block has three basic elements:

                   The data in the Block 

                 A 32-bit whole number called a nonce. The nonce is randomly generated when a block is created, which then generates a block header hash. 

             The hash is a 256-bit number wedded to the nonce. It must start with a huge number of zeroes. 

            

              Miners:

Miners create new blocks on the chain through a process called mining.

Miners use special software to solve the incredibly complex math problem of finding a nonce that generates an accepted hash. Because the nonce is only 32 bits and the hash is 256, there are roughly four billion possible nonce-hash combinations that must be mined before the right one is found. When that happens miners are said to have found the "golden nonce" and their block is added to the chain. 



Nodes:

Nodes and masternodes are an increasingly discussed subject in blockchain lately. And rightfully so, because nodes are a critical component of a blockchain’s infrastructure. Without nodes, a blockchain’s data would not be accessible. You could say that nodes are the blockchain.

                    




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