Essay On Blockchain

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Totally a genius invention, blockchain has got the eyes of the world rolled towards it. So what actually is Blockchain? In simple terms, Blockchain is a continuously growing list of records which are linked to each other. These records are called 'blocks' and the fact that, it is in the form of a chain, this system came to be known as blockchain. It is to be noted though that all these blocks are linked and are secured using cryptography. Every block in a blockchain contains these 3 essential things: 1. Hash pointer as a link to the previous block 2. A timestamp 3. Transaction Data The special thing about a blockchain is its inherent capability of being resistant to data modification. For Example, if someone wanted to modify the data …show more content…

Due to which it has no centralized point of vulnerability. One of the most sifnificant security method that the blockchain implements is the use of public-key cryptography. A public key is an address on a blockchain. It is the digital identity of the user. Every public-key on a blockchain als has a private key which acts as a password to the address (public-key) and enables a user to user to access and interact with the various capabilities that the blockchain supports. Data stored on blokchain is usually considered incorruptible. As the data on the blockchain is decentralized, it makes the data transparent to everyone. The computers on the blockchain that help in its development is are called nodes or miners. And every node or miner on the blockchain contains a copy of the blockchain which makes it further secure and more reliable. All of the transactions that takes place on a blockchain are broadcasted to all of these participant computers on the network. There are benefits attached to being a contributing node on the blockchain, about which I will talk about in upcoming chapters. Imagine blockchain as being a huge Google Sheet which contains huge amount of data and that google sheet is publically accessible by everyone. Whenever a transaction occurs, that transation gets recorded in the google sheet after the

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