What is a Blockchain? How do they work?
Blockchains are incredibly popular nowadays. As indicated by its name it is a chain of blocks containing information. It was originally intended to timestamp documents so it cannot be tampered. Basically timestamped is a sequence of characters indicating the time when the event occurred. A Blockchain is a distributed ledger/register that is open to anyone. It’s very difficult to alter data when it has been recorded in the Blockchain.
So, How does that work?
Each block in a Blockchain contains some data, the hash of the block and the hash of the previous block. The data that is stored inside a block depends on the type of Blockchain. For example, Bitcoin Blockchain stores the details about a transaction in here, such as the sender, receiver and amount of coins. A block has a hash, which identifies a block and all of its contents and it is always unique. Once the block is created its hash is being calculated, hash will change itself according to the changes made inside the block. This feature is an advantage as it will detect any changes made inside the block. Third element in the block is the hash of previous block which helps in making it a secure chain of blocks.
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