What is Blockchain and How does Blockchain Works?

October 13, 2020
BlockchainX

The blockchain is a type of distributed network that allows the development of technologies such as cryptocurrencies and what we call the Internet The blockchain, is a technology that allows you to create a ledger distributed in a computer network without the need for a central server or database . Updating and managing this accounting book can only be done in consensus with all the parts that make up the network.

For this reason, the computing power of all nodes in the network is used not only to enter information, but also to protect it against unauthorized modifications. As a consequence, the blockchain allows very high levels of security to be achieved compared to other technologies.m

How does blockchain technology work?

For blockchain technology to work, it is first necessary to create specific software for it. This software allows computers to create the network that will run the blockchain in a distributed way. As it happens in the case of Bitcoin and other cryptocurrency software . Generally, this software is open-ended and protected with free software licenses . This implies that they are public, transparent and can be used, reviewed and contributed by anyone.

In essence a blockchain network is just a database that allows new records to be read and written. All this without being able to modify anything that exists in it. All the records stored in it are linked to each other with very advanced mathematics. Making it impossible to include something that is not consistent with the rest of the included records.

How is a blockchain built?

Now the construction and operation of the blockchain depends on a series of elements that we will examine below:

Blocks

A block is a set of committed transactions and additional information that has been included in the blockchain. Each block that is part of the chain (except the generating block, which starts the chain) consists of:

An alphanumeric code that links to the previous block

The “package” of transactions it includes (whose number is determined by different factors)

Another alphanumeric code that will link to the next block.

The block in progress tries to find out with calculations the third point that we have indicated. A code that follows certain rules to be valid and can only be obtained by testing non-stop. But how are these blocks generated? Well this is the work of the next element to examine.

Conclusion

At this point we can say that blockchain technology is one of the most powerful tools we have today. Its capabilities and utilities are barely being explored. However, technology has proven its suitability in different uses, radically transforming the way we do things.

Explore and develop blockchain technology will take us to a point where we can interconnect the world more. All without compromising our privacy and the security of our systems and data. Thanks to this, we can say that blockchain technology takes us to the next technological evolutionary step.

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