What Is Block Chain And How Its Works?
A block chain is a temper evident, shared digital ledger that records the transactions in a public or private peer to peer network. The transaction details will be distributed to all nodes on the network, the ledger permanently records, in a sequential chain of cryptographic hash-linked blocks. The history of assets exchanges that takes place between the peers in the network.
All the transactions details are confirmed and validated in certain blocks are linked and chained from the initial transaction to the the most recent in the current block. Hence the name blockchain. The blockchain that acts as a single source of truth, and the members who did transactions could only view the transaction that are relevant to them.
In block chain, mostly based on decentralised ledger which works in peer to peer model with most popular crypto currency based off. The mathematical structure of blockchain quite different that for storing digital data can't modified. So it's incredibly difficult to fake.
We don't need any third party to process the transactions, hence it depends on peer to peer model.
All other services are virtualized environment in blockchain model. Content delivery network provides quick transition to access Web pages without delay.
Its about 51% attack, majority of minors trigger an attack on rest of nodes or users. This kind of attack allows for double spending, in the means of attacker perspective.
Its difficult to implement DDOS attack(Distributed Denial Of Service attack) since the attack will take place in distributed manner. Already block chain is large distributed network and works on peer to peer model moreover its safer.
By using block chain all nodes In the network should use to upgrade and update to the new version. Every time for every request unique hashing digital id is created to secure transactions.
Data stored in block is unable to change, even by the administrator. Its impossible to track the public key based on private key it's based on public key encryption.
Peer to peer model is like a shared service node, in this model every node is behave as a server. It won't have centralised server to manage nodes.
All the transactions are based on bit coins a virtualized crypto currency. So this mainly useful government to find the fake transaction details and everything is updated in cloud of chain of blockchain.
Note:Please concern your personal security as important
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