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What is the technology blockchain and how it works?

April 12, 2019, Written by 0 comment

What is the technology blockchain?

A chain of blocks is simply a €œchain€ of €œblocks€, where the digital information is divided in €œblocks€ and €œchained€.

At a deeper level, it is a public registry surely, digitized and distributed of the executed transactions or digital information that it is shared by the participants in a system. The chain of blocks guarantees immutable transactions and establishes the confidence between the parts that interchange the information or the money.

The data base in a chain of blocks is stored of distributed way, which means that there is no a centralized version of no information and no hacker can corrupt it or rob it.

The information executed and shared in a chain of blocks cannot be eliminated. It maintains a verified registry of all the transactions, with the consensus of all the participants in the system.

For example, it is easier to rob a diamond that keeps in an isolated place, that to rob the diamond of an exhibition hall of jewels, being observed by hundreds of people.

Who invented blockchain?

The concept of blockchain was given by Satoshi Nakamoto, the same person/group that invented bitcoin in 2008. Satoshi Nakamoto did not reveal its identity and disappeared of the community in 2011.

The chain of blocks was implemented in 2009 as a central component for criptomoneda of bitcoin, to serve as a public book of accounting for all the transactions in the network.

Fortified with blockchain, bitcoin became the first digital currency in solving the problem of the double cost without requiring a reliable authority and has been inspiring to develop many applications of solutions.

How does blockchain solve the double problem cost?

When a document of Word, PowerPoint is sent, message of text or an e-mail to any person, a copy is sent, instead of the original one. The sender still has the original copy of the file. This technology is democratised and is useful. But when one is financial transactions, it does not work.

For example, if it is sending $ 100 to somebody, it cannot send a copy. In order to solve this problem, all trust certain authorities of confidence as governments, banks, companies of payment, etc. Considering the cases nonfinanciers, is a supplier of services of e-mail that processes all the e-mails; it is a platform of social networks that says to us that a publication or message has shared with the wished user, etc.

This process causes that all the transactions are centralized, which are in an attack sector, even when the authorities do all the possible one to assure everything.

The Blockchain technology has the potential to eliminate this problem, when allowing a consensus distributed in all the transactions in line. There are risks of no violation of data or of jeopardizing the privacy.

How work does blockchain?

In a chain of blocks, all the transactions in a network are chained in the form of blocks. Each block contains a reference to the previous block and hash of the data used in the block.

Bitcoin is the most well-known application of the technology of blockchain, therefore, we are using his reference to learn how blockchain works. (For knowing what is bitcoin, and if you invest in him, it visits our article on bitcoin)

Blockchain is used to realise a pursuit of all the transactions of bitcoin in the form of a countable file. This file of accounting is not centralized, but it is distributed through the network of private computers. All the computers in the network will have a copy of the countable file, and will know all the transactions in the network.

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