What Exactly is Blockchain?

by Dec 28, 2017

What Exactly is Blockchain?

Despite its obvious intricacy, a blockchain is merely another type of database for recording transactions – one that is copied to all machines on a participating network.  The data within the blockchain is saved in constant structured which are named ‘blocks’.  The major components of a specific block are:

-The header, which contains metadata such as the reference number of block, time the block was generated, and a link back to the previous block.

-The content, usually a confirmed list of digital assets and instruction records, such as transactions that have been made, their respective amounts, and the addresses of the individuals to those transactions.

-From the most recent block, you can possibly access all previous blocks which are linked together in the chain, so a blockchain database holds the entire history of all assets and instructions which were performed since the 1st one which makes the data valid and independently auditable.

-Because the number of members increases every single day, it becomes harder for malicious individuals to overcome the verification activities of the majority.

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