Blockchain, a transaction ledger technology that is resistant to data changes, became widely known to the world with the advent of cryptographic assets.
In blockchain, a block is a digital record of information. If it is a crypto asset, it is a record, such as who sent money to whom and how much money was sent. Each time a new record or block is born, time series information containing a series of records that are gradually added to the previous record is completed. This is the blockchain.
Since these blockchain interim records cannot be changed or removed, it is possible to confirm with certainty at any time what has moved, how much, and to whom. In addition, since anyone can create a new blockchain, it can be used not only in crypto assets but also in all kinds of fields.
When someone creates a blockchain, the author first creates what is called a genesis block. A genesis block is an empty block that points to nothing that does not touch the record. You can use it for a new crypto asset, use it to track your lettuce, or anything else.
In blockchain, records are communicated and shared via personal computers connected to a network. Each computer, called a node, is responsible for not only keeping records, but also ensuring that records have not been tampered with. When someone creates a new block, a node other than the creator confirms that it is a valid block and then adds the block to the network.
To understand how nodes check for tampering, we need to understand hashes. In a blockchain, a hash is a specific string that identifies each piece of data. Each block contains a specific hash, and if the block is followed by a new block, the previous block hash is read and written to its own block.
When someone tries to add a new block, it checks whether this hash is the same as the one recorded in the normal block chain. Regular blockchain refers to the blockchain with the most transactions, and for crypto assets, it refers to the chain with the most blocks.
Validation is done using a hash error correction algorithm. For example, suppose that entering a block chain into an algorithm that generates a hash generates a string of 8e809e when entering a block chain that generated a string ef7797. At this time, anyone can create a string called ef7797 from the string called blockchain, but it is difficult to reverse the string called “blockchain” from the string ef7797.
Each block also contains a hash of the previous block. If the block is changed, the blockchain is broken. Therefore, if you select a block that has been newly added to the chain, it has a structure that allows you to know that the transactions so far including this block have not been changed. In addition, encryption technology that generates hashes used by blockchains is being used. This is one of the reasons why Bitcoin using blockchain is derived from cryptographic assets.
All transaction records are included in the blockchain, but no personal information such as name or address is included. Instead, the existing information contains only a specific string in addition to the previous transaction record. This string shows a specific person, but it is impossible to specify who it is.
The blockchain is just pointing out that the records are accurate. For example, suppose someone sold simple pebbles as moon stones and tracked the records on the blockchain. Even if the gravel falls into someone else’s hands, the blockchain does not prove that it is a real moonstone just by proving that the transaction record is accurate. Blockchain can be used in various fields such as election voting. Of course it depends on whether people will accept it or not. Related information can be found here.