Information about Blockchain

A blockchain is a distributed database or ledger that is shared across computer network nodes. A blockchain, like a database, saves information electronically in digital format. Blockchains are well recognised for their critical function in cryptocurrency systems like Bitcoin, where they keep a secure and decentralised record of transactions. The blockchain’s novelty is that it ensures the accuracy and security of a data record and produces trust without the requirement for a trusted third party.

The way data is organised differs significantly between a traditional database and a blockchain. A blockchain accumulates information in groupings known as blocks, which store sets of data. When a block’s storage capacity is reached, it is closed and connected to the previous full block, producing a data chain known as the blockchain. All new information that follows that newly added block is assembled into a newly formed block, which is then added to the chain once it is complete.

A database typically organises its data into tables, but a blockchain, as the name suggests, organises its data into chunks (blocks) that are linked together. When implemented decentralizedly, this data structure creates an irreversible data timeline. When a block is completed, it becomes permanent and becomes a part of this timeline. When a block is added to the chain, it is assigned a precise timestamp.

How Does a Blockchain Work?

Blockchain’s purpose is to enable digital information to be recorded and disseminated, but not altered. A blockchain, in this sense, serves as a basis for immutable ledgers, or records of transactions that cannot be changed, erased, or destroyed. As a result, blockchains are often referred to as distributed ledger technology (DLT).

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Blockchain Decentralization

Imagine that a company owns a server farm with 10,000 computers used to maintain a database holding all of its client’s account information. This company owns a warehouse building that contains all of these computers under one roof and has full control of each of these computers and all of the information contained within them. This, however, provides a single point of failure. What happens if the electricity at that location goes out? What if its Internet connection is severed? What if it burns to the ground? What if a bad actor erases everything with a single keystroke? In any case, the data is lost or corrupted.

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