In A Computer Network, A Blockchain Is A Distributed Database Or Ledger That Is Shared Among The Nodes

 

Blockchain 

Blockchain is the fundamental technology that powers numerous cryptocurrencies, including Bitcoin and Ethereum, but it also has uses outside of cryptocurrencies due to its distinctive method of securely storing and sharing data.

A distributed ledger is a specific kind of blockchain. DLT, or distributed ledger technology, enables the sharing of records among numerous computers, or "nodes." A node can be any user of the blockchain, but it requires a lot of computing power to run. Nodes store data in the ledger and check, authorise, and save it. This is distinct from conventional record-keeping techniques, which preserve data in a single location, such a computer server.

A Blockchain divides newly contributed data into blocks, or collections of data. New blocks are continuously added to the ledger, forming a chain, because each block can only carry a certain amount of data.

A cryptographic "hash" serves as the individual identifier for each block. The hash safeguards the block's position in the chain by identifying the block that came before it, as well as the data included in the block from anyone without the necessary code.

Information that has been added to the blockchain and hashed is permanent and cannot be changed. Every node has a copy of the complete history of data stored on the blockchain dating all the way back to its inception. The data saved by other nodes wouldn't be changed if someone tampered with or breached one computer and changed the data for their own benefit. Since it differs from the majority, the altered record is simple to identify and rectify.

A blockchain's owner may be able to restrict who can make changes or additions to the blockchain by designing them as private ledgers. On a private blockchain, the number of players may be fewer, but the system is still decentralised among those who take part. Using the same encryption techniques, private blockchains maintain the security of any data kept in the database.

Many businesses have expressed interest in the concept of a safe, decentralised permanent record of information because it may provide solutions to many of the security challenges, record-keeping problems, and data ownership problems we currently face.

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