Know about working process of Block Chain

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[{"type":"img","id":"img-uid-1662049268623","data":"6310af93c1a55"},{"type":"txt","id":"rich_1662049268624","data":" About Blockchain | How does it work | Basic Applications <\/b><\/p>\nBlockchain <\/b><\/p>\n Blockchain is a chain of blocks that contains information, this technique was originally designed in 1991 by a group of researchers and was originally intended to timestamp digital documents so that they cannot be blocked. However, it went by mostly and was used until it was adapted by Satoshi Nakamoto in 2009 to create a digital curry\/ cryptocurrency called \u2018Bitcoin\u2019.\n<\/p>About BlockChain <\/b><\/p>\nA blockchain is known as a distributed ledger that is completely open to anyone. Do you know what is the ledger, basically, it's a collection of financial accounts, this specific feature that makes blockchain more secure is that when data is entered into it, it cannot be altered or changed\n <\/p>Working of Block Chain <\/b><\/p>\nConsider a block containing the three mentioned: data, hash, and a hash of the previous block.\n <\/p>Data:<\/b> Coming to data it depends on the type of blockchain considered Bitcoin { sender, receiver, amount of coins}. \n <\/p>Hash: <\/b>In the simple hash, it is compared to your fingerprint where it is unique for each block if something is changed inside the hash, the current existing block is no longer considered the same as the hash got changed. Imagine for your mobile lock screen you kept your finger as a passcode unfortunately your brother has changed it and removed your fingerprint so you are no longer the Authenticator of your mobile.\n <\/p> Hash of the previous block: <\/b>So here comes the third one, as you learned about hash this third party of the law helps in creating an exchange among blocks called a blockchain. <\/p>Woah! it sounds simple, isn\u2019t it?\n <\/p>Consider three blocks containing the hash and the hash of the previous block. <\/p>Here you find block 3 connected to block 2 and block 2 connected to block 1 <\/p>The thing to be observed in 1 block is, that it is connected to anything preview or the previous block hence it is called a Genesis block.\n <\/p>Suppose that you have tampered with block 2, this creates a mess in changing hash values and connections among blocks. Hashing alone cannot prevent tampering as computers these days can calculate and rebuild the hash connection and create a valid block, hence blockchain provides proof of work which involves showing down the process of creating a block. For example, in Bitcoin, it takes 10 minutes to create a block hence if you try to tamper, it asks for proof of work from the beginning. Hence it is very secure and complicated to tamper.\n <\/p>Mechanism of BlockChain <\/b><\/p>\nBlockchain uses a P2P network system, when someone joins he gets a full copy of the blockchain. A node is created that checks everything is in order. <\/p>\nNow let us consider a new block is created and it is sent to all other nodes, got checked by all nodes, whether it is tempered or not, verified and then each node is assigned to its previous chain. All nodes of the network create a blockchain. <\/p>So it's like you own a company with three friends and you got one recruitee, so he is evaluated by all, then he is added or made a part of your team, got it?<\/p> Basic Application<\/b><\/p>\n Smart contracts -<\/b> Helps in exchanging of coins[ Bitcoins] or in simple words transaction of money. With this, it creates interest in people following them and forward blockchain in security and started using it for storing medical records in notary collecting taxes. <\/p>So that\u2019s about blockchain, what it is, how it works and its basic application.\n <\/p>"}]

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