To validate the changes to be made to the ledger, in the absence of a central body, the nodes must reach consensus (at least 51% of the nodes, ideally). Let's think of a system in which two people make an agreement: to validate it, witnesses are needed and the same thing happens in the blockchain environment.
The more nodes there are, the more secure the system becomes!
Table of Contents:
How does blockchain work?
What are the characteristics of blockchain technology?
Blockchain: from Bitcoin to the Internet of Value
Token
Digital Citizenship
Cybersecurity and Blockchain
How does blockchain work?
Although it may seem complex, the way blockchain works is actually quite simple:
Each block usually includes a hash, which is a digital fingerprint of the new authenticated block that cannot be changed or modified later. This hash therefore uniquely identifies the block and allows it to be linked to the next block through its identification.
Each block contains several transactions, a hash that records information about the referenced block, and another hash with information about the previous block.
In this way, a chain can be created by linking one block to another: if someone tries to modify the data, the hash and the entire chain are broken.
The transaction contains information about the recipient's public address, the characteristics of the transaction, and the cryptographic signature that guarantees the security and authenticity of the transaction.
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In essence, the blockchain is a public and shared ledger made up of a series of clients or nodes: it is organized to automatically update itself on each of the clients participating in the network and each operation must be automatically confirmed by all the individual nodes through cryptographic software guaranteeing their digital identity.
Encrypting the transactions performeda great deal of computing power since more and more blocks are required to authenticate the transactions: the nodes that provide the computing power are called miners and earn a fraction of new cryptocurrency (never owned before by others and not present in past iraq telegram phone number list already recorded) for each block in which they participate.
What are the characteristics of blockchain technology?
Blockchain has several characteristics:
Data digitization : information and data are transformed and stored in digital format;
Decentralization : information is distributed across multiple nodes to ensure security;
Disintermediation : no intermediaries are needed to manage transactions;
Transparency and verifiability : the contents of the register are transparent, accessible and verifiable by anyone;
Ledger immutability : Data in the ledger cannot be changed without the consent of the network;
Traceability of transfers : each element of the register is traceable and it is possible to trace its origin;
Transfer programmability : each operation can be scheduled.
Blockchain: from Bitcoin to the Internet of Value
The birth of Bitcoin defines the first blockchain-based transaction in 2009. It consists of a protocol created to implement a peer-to-peer electronic payment system that can work without financial intermediaries.
Bitcoin is the first cryptocurrency to use a new type of distributed ledger to keep track of all transactions, always rewarding in Bitcoin those who provide computing power to generate new blocks to authenticate.
In these transactions, the exchange of value is therefore decentralized, secure and programmable.
