Blockchain: How Blockchain Technology Functions?
The term Blockchain came into light in 2008 by Satoshi Nakamoto. However it gets its frame
when bitcoin became popular and needed a secure system to record transactions. The
original idea was to improve the quality of ledger system and data maintenance. It is the
technology which passes the data from one network to another with the original
information from its source. In blockchain other blocks are identical replica of source block
where any change in source block will applied to all the blocks. This data sharing creates
network blocks and the process of passing data from network to network becomes a chain
of digitally recorded blocks and that's how it gets its name Blockchain. These blocks are in
the form of merkle tree or hash tree where every block is connected with its source block
and all information is passing through the top hash.
Structure of Blockchain
The concept of blockchain started with the word cryptography. Cryptography is making
codes to secure the connection to get breach or read by third party which is not allowed to
get into the server. Blockchain is fundamentally secured system to prevent data get alter,
change or distributed to unauthorized party. Cryptography makes it sure that without the
crypto key data can't be change from the source or any of its connected blocks. The owner
of the server has two crypto keys one of them is private and another one is public. Public
key is used by all the connected servers to check and identify the integrity of given
information and private key is used by only owner of the source block. However these
crypto keys are not enough to make changes in data it takes majority of connections to
validate the changes after that it would be possible to alter information.
Functions of the Blockchain
In present time, every sector which is working in area of data collection and sharing has
concern with its security. Data could be loss or alter which puts information of the data into
wrong hands