BLOCK CHAIN TECHNOLOGY TRAINING IN KERALA.
- Vismaya p
- 28 September 2019
A blockchain is a decentralized, distributed, and oftentimes public, digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.
If this technology is so complex, why call it blockchain At its most basic level, blockchain is literally just a chain of blocks, but not in the traditional sense of those words. When we say the words block and chain in this context, we are actually talking about digital information (the block) stored in a public database (the chain).
Blocks on the blockchain are made up of digital pieces of information. Specifically, they have three part Blocks store information about transactions like the date, time, and dollar amount of your most recent purchase from Amazon. (NOTE: This Amazon example is for illustrative purchases; Amazon retail does not work on a blockchain principle)
Blocks store information about who is participating in transactions. A block for your splurge purchase from Amazon would record your name along with Amazon.com, Inc. Instead of using your actual name, your purchase is recorded without any identifying information using a unique digital signature, sort of like a username.
Blocks store information that distinguishes them from other blocks. Much like you and I have names to distinguish us from one another, each block stores a unique code called a hash that allows us to tell it apart from every other block. Let,s say you made your splurge purchase on Amazon, but while it s in transit, you decide you just can,t resist and need a second one. Even though the details of your new transaction would look nearly identical to your earlier purchase, we can still tell the blocks apart because of their unique codes.
While the block in the example above is being used to store a single purchase from Amazon, the reality is a little different. A single block on the blockchain can actually store up to 1 MB of data. Depending on the size of the transactions, that means a single block can house a few thousand transactions under one roof.
Visit website: block chain