Understanding Blockchain Technology Blockchain Definition and Basic

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RufaidaKhatun
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Joined: Sun Dec 15, 2024 4:42 am

Understanding Blockchain Technology Blockchain Definition and Basic

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Concept Blockchain technology is a digital system that enables the maintenance of records that are secure, transparent, and tamper-resistant. At its most basic, a blockchain is a type of database that stores data in a block structure that is linked together in a chronological chain. Unlike traditional databases, which allow data to be amended or deleted, blockchain ensures that once data is recorded in a block, it cannot be modified without affecting all subsequent blocks, which requires agreement from the majority of the network.

Immutability is a key feature of blockchain that enhances its trust and security. How Blockchain Works The blockchain runs on a peer-to-peer network, with each member, called a node, maintaining a copy of the canadian phone number database entire ledger.When a new transaction or data entry needs to be logged, it is broadcast to all nodes in the network. These transactions are then combined into blocks by a specific node through a process called mining or forging, depending on the consensus technique used.

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Each block includes a unique code called a hash, as well as the hash of the previous item in the chain. Linking hashes from one block to another creates a chain of blocks, hence the name "blockchain." The new block is then sent to all other nodes, which verify the block and hash transactions. If the majority of nodes agree that the block is authentic, it is added to the ledger of all nodes.
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