The Scene behind Blockchain and Cryptography

Widely used with the cryptocurrency Bitcoin, blockchain is one of the fast evolving trends in technology. You may have heard of cryptography too. We will be discussing in details what surrounds the concept of blockchain and cryptography.

A blockchain means a system of recording or book-keeping in a digitized way. It is a public ledger that keeps a record of all cryptocurrency transactions. These transactions are entered in a chronological order such that the most recent transactions form the current or last block of the chain.

A good grasp of the introduction above gave an overview of a block on a blockchain. A block could be an ongoing or completed transaction within the blockchain. Each block contains a hash of the preceding block, also a timestamp and transaction details.

A node simply means a computer connected to a network of the blockchain.

Cryptography is the method or act of adding blocks into the blockchain. This is achieved by using codes for transaction entry in the blockchain. A block once completed and added to the blockchain cannot be altered or modified.

DLT- Distributed Ledger Technology is the technology employed by blockchain for its operations.

Why Use Blockchain?

Some interesting facts about blockchain include its decentralization method of record keeping – the authority is not monopolized. All transactions could be seen by all nodes in the blockchain. Another advantage of this digitized way of accounting is that it is free of mutilation. It is impossible to edit what is already in the block, though all transactions could be viewed by all users. Through this, all transactions can be verified and authenticated by all users of the blockchain. In other words, it is transparent. The structure of blockchain does not make room for trashing out of transactions already in the blocks. In this way, a blockchain user could look at all previous transactions; notwithstanding the time he joined the network.

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