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BLOCKCHAIN & IT'S WORKING NATURE



Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a ‘Digital Ledger.’
Every transaction in this ledger is authorized by the digital signature of the owner, which authenticates the transaction and safeguards it from tampering. Hence, the information the digital ledger contains is highly secure.
In simpler words, the digital ledger is like a Google spreadsheet shared among numerous computers in a network, in which, the transactional records are stored based on actual purchases. The fascinating angle is that anybody can see the data, but they can’t corrupt it.

Blockchain builds trust through the following five attributes:


» Distributed and sustainable:

The ledger is shared, updated with every transaction, and selectively replicated among participants in near real time. Because it’s not owned or controlled by any single organization, the blockchain platform’s continued existence isn’t dependent on any individual entity.


» Secure, private, and indelible:

Permissions and cryptography prevent unauthorized access to the network and ensure that participants are who they claim to be. Confidentiality is maintained through cryptographic techniques and/or data partitioning techniques to give participants selective visibility into the ledger; both transactions and the identity of transacting parties can be masked. After conditions are agreed to, participants can’t tamper with a record of the transaction; errors can be reversed only with new transactions.


» Transparent and auditable

Because participants in a transaction have access to the same records, they can validate transactions and verify identities or ownership without the need for third-party intermediaries. Transactions are time-stamped, ordered, and can be verified in near real time.


» Consensus-based and transactional

All relevant network participants must agree that a transaction is valid. This is achieved through the use of consensus algorithms. Each blockchain network can establish the conditions under which a transaction or asset exchange can occur.


» Orchestrated and flexible

Because business rules and smart contracts (that execute based on one or more conditions) can be built into the platform, blockchain business networks can evolve as they mature to support end-to-end business processes and a wide range of activities

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