Four processes are antecedent to the addition of a block into the digital ledger known as the Blockchain Technology. Firstly, a user must perform an operation. In the case of Bitcoins, the user might choose to either sell or buy a coin. Notably, such individual must have a blockchain wallet which grants admittance to the blockchain network.
Secondly, the operation is authenticated by all the devices in the network. They do this by checking the timestamp when the acquisition or sale order was made, the buyer, seller, and total sum to be transacted.
Once all computers have corroborated the operation, it is cached in a block. This block also contains the sender’s and buyer’s private and public cryptographic keys, which, combined, act as digital signatures helping guide the operations. The wallet generates these keys, besides providing admission to Blockchain Technology, thereby identifying users.
Lastly, the block is accorded a hush whose main aim is to enhance the privacy of the data by making it anonymous. It is only after being hushed that the block is attached to the ledger. Hushing entails generating codes, which are a series of letters and numbers, using arithmetic and algebraic functions. The codes represent the data contained in the blocks. As such, a block is comprised of its own code and that of the block before it.
Moreover, the addition of the blocks is linear and sequential. The latest block is always inserted in the last part of the blockchain. The extent and magnitude of Blockchain Technology are measured in height. Height refers to the sum of blocks between the first and last blocks. BTC’s blockchain is massive. As of 28th November 2019, it had a total of 605,765 blocks (height).
Any device can be part of Blockchain Technology. Once this takes place, the network gives the computer a replica of the digital record, which is then updated without human intervention following the steps detailed above. It is this accessibility of the data in numerous computers that ensures that the network is incorruptible, meaning it is hard to rework and modify. Alteration of the whole blockchain demands that an individual should alter all the available copies within the network.
Furthermore, the hush codes make modification difficult since by changing the contents of the block, one should also change the hash codes. These features greatly enhance the safety of Blockchain Technology, consequently making it attractive.
Blockchain Technology Definition
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