The Capital
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The Capital

Understanding How Blockchain Technology Works

By altrady on The Capital

  1. When the transaction happened and how much was involved — Similar to when you buy something from a retail store, you will get a receipt that contains the exact date, time, and amount of the purchase. However, in the case of blockchain technology, you don’t get a physical piece of paper, but the transaction was recorded by the many computers in the blockchain network.
  2. Who is involved in the transaction — Blocks keep a record of who participated in the transaction. However, because of the confidential nature of blockchain, your real name isn’t disclosed in the network. Instead, the record only contains a digital signature.
  3. A unique code that distinguishes the particular transaction from the other transactions — Each transaction on the blockchain is unique cannot be manipulated, and cannot be changed. This unique code is called a “hash” which is a cryptographic code that is created by a special algorithm.

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