Let's learn and grow together Kubers. Today, we are going to look at Blockchain. What Is a Blockchain.
26 Jun 2023, 14:20
Let's learn and grow together Kubers. đź“š
Today, we are going to look at Blockchain.
What Is a Blockchain?
A blockchain is a distributed database or ledger shared among a computer network's nodes. They are best known for their crucial role in cryptocurrency systems for maintaining a secure and decentralized record of transactions, but they are not limited to cryptocurrency uses. Blockchains can be used to make data in any industry immutable—the term used to describe the inability to be altered.
Since there is no way to change a block, the only trust needed is at the point where a user or program enters data.
This aspect reduces the need for trusted third parties, which are usually auditors or other humans that add costs and make mistakes.
Since cryptocurrency introduction in 2009, blockchain uses have exploded via the creation of various cryptocurrencies, decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and smart contracts.
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127 Jun 2023, 08:28
Let's learn and grow together Kubers. đź“š
Blockchain technology is very fascinating and interesting.
Now, let's look at how blockchain and distributed ledger technology work.
Blockchain works via a multistep process, which in simple terms happens as follows:
1 - An authorized participant inputs a transaction, which must be authenticated by the technology.
2 - That action creates a block that represents that specific transaction or data.
3 - The block is sent to every computer node in the network.
4 - Authorized nodes verify the transaction and add the block to the existing blockchain. (Nodes in public blockchain networks are referred to as miners; they're typically paid for this task -- often in a process called Proof of Work, or PoW -- usually in the form of cryptocurrency.)
5 - The update is distributed across the network, which finalizes the transaction.
A blockchain ledger consists of two types of records, individual transactions and blocks. The first block consists of a header and data that pertain to transactions taking place within a set time period. The block's timestamp is used to help create an alphanumeric string called a hash.
After the first block has been created, each subsequent block in the ledger uses the previous block's hash to calculate its own hash.
Before a new block can be added to the chain, its authenticity must be verified by a computational process called validation or consensus. At this point in the blockchain process, a majority of nodes in the network must agree the new block's hash has been calculated correctly. Consensus ensures that all copies of the blockchain distributed ledger share the same state.
Once a block has been added, it can be referenced in subsequent blocks, but it cannot be changed.
If someone attempts to swap out a block, the hashes for previous and subsequent blocks will also change and disrupt the ledger's shared state.
When consensus is no longer possible, other computers in the network are aware that a problem has occurred and no new blocks will be added to the chain until the problem is solved.
Typically, the block causing the error will be discarded and the consensus process will be repeated.
Learn about the leading blockchain payment platform (KubePay) that integrates the future of payments into your business.
Visit -
Let's learn and grow together Kubers. Blockchain technology is very fascinating and interesting.
Let's learn and grow together Kubers. đź“š
Blockchain technology is very fascinating and interesting.
Now, let's look at how blockchain and distributed ledger technology work.
Blockchain works via a multistep process, which in simple terms happens as follows:
1 - An authorized participant inputs a transaction, which must be authenticated by the technology.
2 - That action creates a block that represents that specific transaction or data.
3 - The block is sent to every computer node in the network.
4 - Authorized nodes verify the transaction and add the block to the existing blockchain. (Nodes in public blockchain networks are referred to as miners; they're typically paid for this task -- often in a process called Proof of Work, or PoW -- usually in the form of cryptocurrency.)
5 - The update is distributed across the network, which finalizes the transaction.
A blockchain ledger consists of two types of records, individual transactions and blocks. The first block consists of a header and data that pertain to transactions taking place within a set time period. The block's timestamp is used to help create an alphanumeric string called a hash.
After the first block has been created, each subsequent block in the ledger uses the previous block's hash to calculate its own hash.
Before a new block can be added to the chain, its authenticity must be verified by a computational process called validation or consensus. At this point in the blockchain process, a majority of nodes in the network must agree the new block's hash has been calculated correctly. Consensus ensures that all copies of the blockchain distributed ledger share the same state.
Once a block has been added, it can be referenced in subsequent blocks, but it cannot be changed.
If someone attempts to swap out a block, the hashes for previous and subsequent blocks will also change and disrupt the ledger's shared state.
When consensus is no longer possible, other computers in the network are aware that a problem has occurred and no new blocks will be added to the chain until the problem is solved.
Typically, the block causing the error will be discarded and the consensus process will be repeated.
Learn about the leading blockchain payment platform (KubePay) that integrates the future of payments into your business.
Visit - https://kubepay.io/