Almost everyone heard about Blockchain technology, but everyone is not aware of it completely, many peoples don’t have proper knowledge of blockchain. A Blockchain can be spreading over many computers. This article will guide you about the Blockchain technology and its benefits.
What is Blockchain Technology?
A blockchain is a database that is existing on many computers, more blocks are added to this database constantly and regularly. A new set is growing and blocks are keep added to this new set. These blocks are attached, every block has a link to the other block. These blocks create a chain after having each other link and timestamp.
A blockchain is like a diary, all required information and record of transactions are safe in this diary. A blockchain is created when every block is referred to as the previous blog. Blockchain is very useful and effective, Blockchain connected many computers and every computer has a copy of the blockchain.
How does Blockchain work?
A Blockchain is made up of three main elements Blocks, miners and nodes, every Blockchain is consists of different blocks. The three most important elements of a Blockchain is the following:
The data in the block is included a 32-bit nonce, it is a whole number used in all blocks. A nonce is automatically generated when a block created in a blockchain. After the creation of nonce, a header hash is generated in every block.
A header hash in the block is 256-bit, this number is attached with the nonce. A header has is started with a huge amount of zeros and all of these zeros are small in size. When the first block generated in a blockchain, the nonce of the blog created a cryptographic hash. All the data of the block is tied with the nonce and header hash. The data separated from the nonce and header hash when it has been minded.
Miners used a process of mining for creating blocks on the chain. In a blockchain every block has its unique nonce and hash, but also references the hash of the previous block in the chain, so mining a block isn’t easy, especially on large chains.
A process called mining is created new blocks in a blockchain. All blocks in a blockchain have its hash and nonce, all blocks have different hash and nonce from each other.
The process of mining is not easy, miners used specific software for solving the complexity of blockchain. Miners have to find the correct nonce that can generate an acceptable header hash.
Nodes are like electronic device these nodes are different types of electronic devices. These nodes have to maintain all the copies in a blockchain and setup all the functioning in the blockchain.
All the nodes of the blockchain have their copy and data of the blockchain. For making blockchain updated, the network must have to approve any newly created block. All new blocks need approval before becoming a part of the blockchain, all of the new blocks should be completely verified and trusted. All blockchains are transparent and can be easily checked. Every participant of blockchain have a specific identification number, all of their transaction has been shown in their identification number.