blockchain

What is blockchain technology and what applications does it have?

Blockchain is heard more and more often. What is it about exactly?
Blockchain, besides being a technology, is above all a paradigm.
There are of course various interpretations of this same technology, but we try to understand what it is composed of.

It is a group of technologies that comprise a structure composed of blocks, which contain information and transactions. The passage of this information within the various blocks is in the hands of a validation process.

One of the main peculiarities of blockchain technologies is the immutability of the registry, the traceability of all transactions and the security based on cryptographic techniques.
The blockchain exists to store data. Until now nothing new on the horizon, it is true, but it is the way in which it carries out this task to make this technology actually special.

Thanks to a peer-to-peer network, all data that are recorded within this database can no longer be edited by external people.
So hackers, game over.

blockchain

What are the components of the blockchain?

  • Node: the nodes are the participants of a blockchain, physically represented by the servers of the individual participants.
  • Transaction: made up of data that represent the values ​​subject to exchange
  • Block: represented by the grouping of a set of transactions that are combined to be verified, approved and archived
  • Ledger: public register in which we are “noted” with transparency and in an unchanging way all the transactions carried out.
  • Hash: this is a non-invertible operation that can map a variable length information string into a unique and univocal string of a given length. Moreover, it must not allow to go back to the text that generated it.
    In other words, the concept of blockchain identifies a set of technologies aimed at increasing the cybersecurity of a given structure, creating the possibility of making the information passed through it secure and immutable over time.

 

Source: blockchain4innovation.it  fxempire.it