What is a block and which are its main features?

If we want to fully understand how crypto works, we have to know which are its components and tools. It is known as a block to the records which are permanently on a blockchain, which contains the information about each of the transactions that have been made.

A block records each transaction that is made. In each case, the blocks are added to the end of a chain, which contains all the information of a transaction. By having a record at the end of a chain, it allows a blockchain to be safe and it will not be possible to change or delete a block or the information registered on it. This is because each block contains all the data of the previous blocks before the block was created.

Each block is generated through the Proof of Work system when a computer solves the problem or riddle automatically posed by the network. Since each block has a reference to the previous one, that’s how they’re allowed to form a chain.

A block allows optimizing the validation process of the transactions that are carried out. Making a comparison with the traditional system, a block can be considered as the page of a book that registers transactions; that is, a public ledger. All the actions that are carried out using this type of technology are safe and also transparent since the transactions are available to the public. However, the access to personal data of those who carried out the transaction cannot be available for the public.

Blockchain is a public ledger that records and stores transaction information through blocks. Each of the blocks uses a system that allows all cryptographic movements to be publicly visible.

Main features:

Secure transactions:

Having a record at the end of a chain allows it to be safe and therefore it will not be possible to change, alter, or delete information about a transaction.

Low costs and faster speed:

The cost to carry out a transaction has been considerably reduced and it is sent more quickly.

Transactions are available to all audiences:

The information is available to all who use it, that is, anyone can enter and see the history of the transactions that have been carried out.

Personal data is not available for the public:

Although the registration of operations is available to all users, what is not available to the public is the personal data of the people who are involved in a transaction.