Blockchain, Decentralization, Block explorer - Steemit Crypto Academy Season 4 - Homework Post for Task 4
(1) Write the definition of blockchain. And how our data on Blockchain is protected from hackers. ? And write details about Data, Hash and Previous Hash tag and explain through screenshot.
Blockchain is a network used in listing information in a method of activity that makes it onerous or tough to cheat, change or hack the system.
Blockchain is generally a digital record of trades that are being administered and duplicated beyond the entire network of computers on blockchain. Each block found in the chain contains several tractions and each time new traction takes place on the blockchain and a record of that transaction is being added to every participant ledger. The decentralization database is controlled by numerous participate known as Distributed Ledger Technology (DLT).
In the modern-day world, almost everyone with access to the internet has seen the word "Blockchain" somewhere before, but not many people know what it is or how it came into existence, or the possibilities that come with this new technology. This technological marvel is the starting point of all cryptocurrencies, and can also be used for so much more than just that.
The first blockchain to be created or which came into existence implemented was the Bitcoin blockchain, evolved by Satoshi Nakamoto which is the anonymous founder of Bitcoin. although that was not the first time a blockchain had been thought about. In 1991, Stuart Haber and W. Scott Stornetta set the stage for what would later be known as blockchain technology by manufacturing a cryptographically secured database where no one could alter the timestamps of entries. In 2008, this intention was finally restored through Satoshi Nakamoto's Bitcoin.
How is the data on the Blockchain protected from hackers?
Blockchain works through cryptography, which mentions the various computer key algorithms and techniques used to generate manage and secure the blockchain network. Making use of cryptography, blockchains can have distributed trust networks. This eliminates the need for centralization and allows any participant in the network to build records, without the need for authorization, or permission from a central body on the network. These records are then corroborated and accepted by another competitor in the network and then recorded in a block, which is then saved and securely linked to the previous block, creating a chain.
There are two components of a blockchain. These are:
• The decentralized network: This is what enables decentralization in a blockchain and facilitates and verifies the records created and put in on the ledger. With a decentralized network, the software is not restricted to one computer system. Rather, it can be run on several computer systems.
•• The indisputable ledger: This is the most principal unit of the blockchain and what makes a blockchain a blockchain. This is the list of records organized into blocks and connected. These blocks contain three major elements:
Block Data: This is dependent on the type of blockchain, and what motive the blockchain serves. for instance, with Bitcoin, the block data would be transaction data like Sender, Receiver, Asset amount, etc. As blockchains can be used for so many other purposes aside from cryptocurrency, block data can also include things like medical records, location, distance, and so on.
Nonce: This suffers for numbers only utilized once, and is a random number added to the contents of the blockchain in Proof-of-Work blockchains.
Hash: It is computed through cryptography from all the quantities of the block and serves as an identifier of the block and block measurements. It is created extremely that if any of the block contents are shifted, it will become worthless, and the full hash will have to be re-computed. It is always unusual for each block.
Hash of the Previous Block: This is the unusual identifier of the old block in the network, and is the significance of blockchain technology. The aforesaid block hash is unique to the previous block, and as such, putting in it the new block renders it part of the new block's contents. These contents, as illustrated earlier, will then be computed through cryptography to reproduce a hash for the new block. Hence if the hash of the previous block is remade, the entire extent of blocks after it becomes ineffective.
Am gonna show you the practical example while using the Blockchain Demo
This site is being created by Anders Brownworth which shows the basic blockchain operations.
If you observe u will see that each blocks the previous Block Hash and the Data, Nonce, and its irreplaceable Hash.
If I should change the Data of the first block you are gonna observe all the blocks turn red which shows that they are baseless.
Regardless, if I re-mine the first block, remark that only it turns green. Similarly, note that the hash has deviated.
This occurs because the hash has been recomputed because of the transition in data, accordingly making the block valid. Nevertheless, the next block remains invalid because it yet contains the old hash of the old block 1 as its hash of the earlier block, and because this block is invalid, all the different blocks are meaningless as well.
I will now re-mine the next blocks to deviate from their hashes.
Source
Take remark of the changed hashes.
This exhibits that records can not intrude once infiltrated into the blockchain. This is how the blockchain ensures data from hackers.
Blockchain technology is a remarkable and extreme technology that has the conceivable to change the way the world works as a whole. It can be employed in many different categories and is very effective at protecting data and abolishing centralization.