What is Blockchain Technology?
Blockchain is one type of database that is different from the normal database. This stores information differently, that is, in blocks, chained together.
Any new data coming is stored in a fresh block.
Blockchain can be complicated, but the core is simple.
What is a Database?
Collection of different information stored in a computer system electronically is the database. This data, or information, is structured in a form of table so that searching is easy and also filtering is easy.
How is Blockchain Different from a Database?
The main difference between blockchain and database is the manner in the structure of the data. Information is collected in groups in blockchain. This is termed as ‘blocks’. These blocks have specific capacities for storage. When these get filled they are chained to the previous block. This forma a chain of all the data and is called the ‘blockchain’.
A blockchain structures the data into blocks (chunks) while a database structures the data into tables. This means, all the blockchains are databases, but not all databases are blockchain.
This system makes a timeline of data that is irreversible. This is when the implementation is done in a decentralized manner. A block that is filled, is set in stone, and is a part of the timeline. An exact time stamp is given to each block.
All the transactions can be viewed in a transparent manner due to the decentralized nature of the blockchain of Bitcoin. This need to have either a personal node or you can also use the blockchain explorers. This helps you to view the transactions live.
Each of the node has a copy of the chain that keeps on getting updated when fresh blocks are confirmed and also added. This means, you are able to track Bitcoin wherever this goes.
Security of Blockchain
This technology of Blockchain accounts for trust and security in many ways. Firstly, new blocks are stored in a chronological and linear manner. This means, they are always added only to the end of the blockchain. The blockchain of bitcoin shows that each of the blocks has a specific position on the chain. This is termed as a ‘height’.
Once a block has been added to the end of the blockchain it is extremely difficult to return or even alter the block’s content, as each of the blocks has its own hash and also the hash of the block that is placed before it. These hash codes are created by a specific math function that can turn digital information into letters and numbers. If there is any editing done, there is a change in the hash code. This is very important for security.
The goal of the blockchain is to allow recording and distribution of the digital information sans any editing.
Blockchain is used as one mean to transparency by recording a ledger. Blockchain can also be used to record immutably a number of data points. This could be product inventories, votes in an election and also in the transaction form.
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