{"id":1257,"date":"2022-05-30T13:03:11","date_gmt":"2022-05-30T12:03:11","guid":{"rendered":"https:\/\/nicholasidoko.com\/blog\/?p=1257"},"modified":"2024-08-25T18:39:07","modified_gmt":"2024-08-25T17:39:07","slug":"what-blockchain-is-and-how-it-works","status":"publish","type":"post","link":"https:\/\/nicholasidoko.com\/blog\/what-blockchain-is-and-how-it-works\/","title":{"rendered":"What Blockchain is and How It Works"},"content":{"rendered":"\n<p>Blockchain is a method of storing data in a way that makes it difficult or impossible to alter, hack, or cheat it.<\/p>\n\n\n\n<p>A blockchain is a digital log of transactions duplicated and distributed across the blockchain&#8217;s complete network of computer systems. <\/p>\n\n\n\n<p>Each block on the chain contains many transactions, and whenever a new transaction occurs on the blockchain, a record of that transaction is added to the ledger of each participant. <\/p>\n\n\n\n<p>Blocks have specific storage capacities, and when they&#8217;re full, they&#8217;re closed and linked to the preceding block, producing a data chain known as the blockchain. <\/p>\n\n\n\n<p>All additional information added after that newly added block is compiled into a new block, which is then added to the chain after filling it.<\/p>\n\n\n\n<p>A database organises data into tables, whereas a blockchain organises data into chunks (blocks) that are strung together, as the name suggests. <\/p>\n\n\n\n<p>This data structure creates an irreversible data chronology when implemented in a<a href=\"https:\/\/aws.amazon.com\/blockchain\/decentralization-in-blockchain\/#:~:text=In%20blockchain%2C%20decentralization%20refers%20to,thereof)%20to%20a%20distributed%20network.\" target=\"_blank\" rel=\"noreferrer noopener\"> decentralised<\/a> manner. <\/p>\n\n\n\n<p>When a block is filled, it becomes permanent and part of the chronology.<\/p>\n\n\n\n<p>Each block is added to the chain and given a specific timestamp.<\/p>\n\n\n\n<p>Blockchains are well known for their critical function in keeping a secure and decentralised record of transactions in cryptocurrency systems like Bitcoin. <\/p>\n\n\n\n<p>The blockchain&#8217;s novelty is that it ensures the accuracy and security of a data record while also generating trust without the requirement for a trusted third party.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Blockchain Uses Distributed Ledger Technology<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/d\/distributed-ledger-technology-dlt.asp\" target=\"_blank\" rel=\"noreferrer noopener\">Distributed Ledger Technology<\/a> is a decentralised database that is administered by various people (DLT). <\/p>\n\n\n\n<p>Blockchain is a <span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">distributed ledger technology in which transactions are recorded using a\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/h\/hash.asp\" target=\"_blank\" rel=\"noopener\">hash<\/a>,\u00a0<\/span>an immutable cryptographic signature created by a\u00a0<a href=\"https:\/\/www.investopedia.com\/news\/cryptographic-hash-functions\/\">mathematical function<\/a>\u00a0that turns digital information into a string of numbers and letters. <\/p>\n\n\n\n<p>This means that if a single block in a chain is modified, it will be immediately clear that it has been tampered with. <\/p>\n\n\n\n<p>If hackers intended to destroy a blockchain system, they would have to change every block in the chain across all distributed versions of the chain.<\/p>\n\n\n\n<p>Blockchains like Bitcoin and Ethereum are constantly growing as new blocks are added to the chain, increasing the ledger&#8217;s security dramatically. <\/p>\n\n\n\n<p>Blockchains are well known for their critical function in keeping a secure and decentralised record of transactions in cryptocurrency systems.<\/p>\n\n\n\n<p>The blockchain&#8217;s novelty is that it ensures the accuracy and security of a data record while also generating trust without the requirement for <a href=\"https:\/\/en.wikipedia.org\/wiki\/Trusted_third_party#:~:text=In%20cryptography%2C%20a%20trusted%20third,of%20creating%20fraudulent%20digital%20content.\" target=\"_blank\" rel=\"noreferrer noopener\">a trusted third party<\/a>.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/nicholasidoko.com\/blog\/2022\/12\/07\/all-you-need-to-know-about-cryptocurrency\/\" target=\"_blank\" rel=\"noreferrer noopener\">All You Need To Know About Cryptocurrency<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"612\" height=\"408\" src=\"https:\/\/nicholasidoko.com\/blog\/wp-content\/uploads\/2022\/05\/what-is-blockchain.jpg\" alt=\"What Blockchain is and How It Works\" class=\"wp-image-1261\" srcset=\"https:\/\/nicholasidoko.com\/blog\/wp-content\/uploads\/2022\/05\/what-is-blockchain.jpg 612w, https:\/\/nicholasidoko.com\/blog\/wp-content\/uploads\/2022\/05\/what-is-blockchain-300x200.jpg 300w\" sizes=\"(max-width: 612px) 100vw, 612px\" \/><\/figure>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">The&nbsp;Five Key Concepts&nbsp;Behind Blockchain<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Shared ledger.<\/strong> A shared ledger is a distributed system of records that is shared across a business network and is &#8220;<a href=\"https:\/\/www.oreilly.com\/library\/view\/mastering-blockchain-\/9781788839044\/445f138c-e0de-430a-bf9c-3911ad4e7277.xhtml\" target=\"_blank\" rel=\"noreferrer noopener\">append-only.<\/a>&#8221; Transactions are only recorded once in a shared ledger, reducing the duplication of effort that is common in traditional corporate networks.<br><br><\/li>\n\n\n\n<li><strong>Permissions.<\/strong> Transactions are secure, authenticated, and verifiable thanks to permissions. Organizations can more readily comply with data protection standards, such as those stated in the <a href=\"https:\/\/www.cdc.gov\/phlp\/publications\/topic\/hipaa.html\" target=\"_blank\" rel=\"noreferrer noopener\">Health Insurance Portability and Accountability Act (HIPAA)<\/a> and the EU <a href=\"https:\/\/www.investopedia.com\/terms\/g\/general-data-protection-regulation-gdpr.asp#:~:text=The%20General%20Data%20Protection%20Regulation%20(GDPR)%20is%20a%20legal%20framework,the%20European%20Union%20(EU).\" target=\"_blank\" rel=\"noreferrer noopener\">General Data Protection Regulation (GDPR)<\/a>, with the option to prohibit network membership.<br><br><\/li>\n\n\n\n<li><strong>Smart contracts.<\/strong> A smart contract is a contract or set of rules that govern a business transaction that is kept on the blockchain and executed automatically as part of the transaction. A smart contract can specify parameters for corporate bond transfers, payment of travel insurance, and much more.<br><br><\/li>\n\n\n\n<li><strong>Consensus.<\/strong> All parties agree to the network-verified transaction through consensus. Proof of stake, multi-signature, and <a href=\"https:\/\/www.geeksforgeeks.org\/practical-byzantine-fault-tolerancepbft\/\" target=\"_blank\" rel=\"noreferrer noopener\">pBFT (practical Byzantine Fault Tolerance)<\/a> are some of the consensus processes used in blockchains.<br><br><\/li>\n\n\n\n<li><strong>Immutable records.<\/strong> After a transaction has been logged into the shared ledger, no participant can edit or tamper with it. If a mistake is found in a transaction record, a new transaction must be made to correct the issue, and both transactions must then be visible.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Read: <a href=\"https:\/\/nicholasidoko.com\/blog\/2024\/07\/22\/how-blockchain-enhances-data-security-and-transparency\/\" target=\"_blank\" rel=\"noreferrer noopener\">How Blockchain Enhances Data Security and Transparency<\/a><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"What Blockchain is and How It Works.\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/tlsoXHSBgYo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">How Blockchain Works (Bitcoin Use Case)<\/h2>\n\n\n\n<p>When a new transaction is entered, it is transmitted to a network of worldwide peer-to-peer computers. <\/p>\n\n\n\n<p>This network of computers then solves equations to confirm the transaction&#8217;s validity. <\/p>\n\n\n\n<p>Once confirmed to be legitimate transactions, they are clustered together into blocks.<\/p>\n\n\n\n<p>These blocks are then chained together, creating a long history of all permanent transactions. <\/p>\n\n\n\n<p>And like that, the transaction is complete.<\/p>\n\n\n\n<p>Because the blockchain is decentralised, the database data can be shared among multiple network nodes. <\/p>\n\n\n\n<p>This adds redundancy to the database and ensures that the data contained within is accurate. <\/p>\n\n\n\n<p>If one database node is updated, the other nodes are unaffected, preventing a bad actor from doing so. <\/p>\n\n\n\n<p>If one user tampers with Bitcoin&#8217;s transaction record, all other nodes will cross-reference each other, making it easy to find the node with the erroneous data.<\/p>\n\n\n\n<p>This system helps establish a precise and visible sequence of occurrences. <\/p>\n\n\n\n<p>This way, no single node in the network may change the data it contains.<\/p>\n\n\n\n<p>As a result, the information and history of a cryptocurrency, such as transaction history, is irreversible. <\/p>\n\n\n\n<p>A blockchain might store a list of transactions, similar to a cryptocurrency.<\/p>\n\n\n\n<p>Still, it could also store other data, such as legal contracts, state identifications, or a company&#8217;s stock inventory.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Transparency<\/h3>\n\n\n\n<p>In addition, the blockchain is transparent.<\/p>\n\n\n\n<p>Anyone can observe all transactions transparently using a personal node or <a href=\"https:\/\/www.blockchain.com\/explorer?utm_campaign=dcomnav_explorer\" target=\"_blank\" rel=\"noreferrer noopener\">blockchain explorers<\/a>, which allow anyone to see real-time transactions. <\/p>\n\n\n\n<p>Each node has its own copy of the chain, updated as new blocks are added and confirmed. <\/p>\n\n\n\n<p>This means you could follow Bitcoin wherever it goes if you wanted to.<\/p>\n\n\n\n<p>Exchanges, for example, have been hacked, resulting in the loss of every Bitcoin held on the exchange.<\/p>\n\n\n\n<p>While the hacker may remain unidentified, the Bitcoins they stole are clearly traceable.<\/p>\n\n\n\n<p>It would be known if the Bitcoins stolen in some of these attacks were relocated or spent somewhere.<\/p>\n\n\n\n<p>Of course, the records in the Bitcoin blockchain (and most others) are encrypted. <\/p>\n\n\n\n<p>This means that only the record&#8217;s owner can decrypt it and expose its identity (using a <a href=\"https:\/\/www.investopedia.com\/terms\/p\/public-key.asp\" target=\"_blank\" rel=\"noreferrer noopener\">public<\/a>&#8211;<a href=\"https:\/\/www.investopedia.com\/terms\/p\/private-key.asp\" target=\"_blank\" rel=\"noreferrer noopener\">private key<\/a> pair).<\/p>\n\n\n\n<p>As a result, blockchain users can maintain their anonymity while maintaining transparency.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/nicholasidoko.com\/blog\/2024\/07\/22\/blockchain-business-trends\/\" target=\"_blank\" rel=\"noreferrer noopener\">Blockchain Business Trends Transforming Industries in 2024 &amp; 2025<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"707\" height=\"472\" src=\"https:\/\/nicholasidoko.com\/blog\/wp-content\/uploads\/2022\/05\/What-Blockchain-is-and-How-It-Works.jpg\" alt=\"What Blockchain is and How It Works\" class=\"wp-image-22502\" srcset=\"https:\/\/nicholasidoko.com\/blog\/wp-content\/uploads\/2022\/05\/What-Blockchain-is-and-How-It-Works.jpg 707w, https:\/\/nicholasidoko.com\/blog\/wp-content\/uploads\/2022\/05\/What-Blockchain-is-and-How-It-Works-300x200.jpg 300w\" sizes=\"(max-width: 707px) 100vw, 707px\" \/><\/figure>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Is Blockchain Secure?<\/h2>\n\n\n\n<p>Assume a hacker who manages a blockchain node wants to change a blockchain and steal cryptocurrency from everyone else. <\/p>\n\n\n\n<p>If they changed their single copy, it would no longer match the copy of everyone else. <\/p>\n\n\n\n<p>When everyone else compares their copies, they&#8217;ll notice that this one stands out and that the hacker&#8217;s version of the chain will be discarded as invalid.<\/p>\n\n\n\n<p>To succeed with such a compromise, the hacker would have to control and alter 51% or more of the blockchain copies simultaneously, ensuring that their new copy becomes the majority copy and, thus, the agreed-upon chain. <\/p>\n\n\n\n<p>An assault like this would cost a lot of money and resources because they&#8217;d have to rewrite all of the blocks because the timestamps and hash codes would be different today.<\/p>\n\n\n\n<p>The expense of pulling off such a feat would almost certainly be impossible, given the scale of many cryptocurrency networks and how quickly they are developing. <\/p>\n\n\n\n<p>Not only would this be prohibitively expensive, but it would also be futile. <\/p>\n\n\n\n<p>Such actions would not go unnoticed by network participants, who would detect such significant changes to the blockchain.<\/p>\n\n\n\n<p>Members of the network would then hard fork to a new version of the chain that was not harmed.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/nicholasidoko.com\/blog\/2023\/04\/21\/blockchains-impact-on-identity-verification-and-authentication\/\" target=\"_blank\" rel=\"noreferrer noopener\">Blockchain\u2019s Impact on Identity Verification and Authentication<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>In summary, blockchain technology offers a robust solution for secure, transparent, and decentralized record-keeping. <\/p>\n\n\n\n<p>Creating an immutable chain of blocks ensures that once data is recorded, it cannot be altered without detection. <\/p>\n\n\n\n<p>This decentralized structure, reinforced by consensus mechanisms and cryptographic hashing, significantly enhances security and trust in digital transactions. <\/p>\n\n\n\n<p>Whether used for cryptocurrency or other applications like legal contracts and inventory management, blockchain provides a reliable way to maintain data integrity across multiple participants. <\/p>\n\n\n\n<p>As blockchain technology evolves, its applications and impact on various industries are likely to expand.<\/p>\n\n\n\n<p>This further solidifies its role as a transformative force in digital record-keeping.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Before You Go\u2026<\/h3>\n\n\n\n<p>Hey, thank you for reading this blog post to the end. I hope it was helpful. Let me tell you a little bit about <a href=\"https:\/\/nicholasidoko.com\/\">Nicholas Idoko Technologies<\/a>.<\/p>\n\n\n\n<p>We help businesses and companies build an online presence by developing web, mobile, desktop, and blockchain applications.<\/p>\n\n\n\n<p>We also help aspiring software developers and programmers learn the skills they need to have a successful career.<\/p>\n\n\n\n<p>Take your first step to becoming a programming expert by joining our <a href=\"https:\/\/learncode.nicholasidoko.com\/?source=seo:nicholasidoko.com\">Learn To Code<\/a> academy today!<\/p>\n\n\n\n<p>Be sure to <a href=\"https:\/\/nicholasidoko.com\/#contact\">contact us<\/a> if you need more information or have any questions! We are readily available.<\/p>\n","protected":false},"excerpt":{"rendered":"Blockchain is a method of storing data in a way that makes it difficult or impossible to alter,&hellip;","protected":false},"author":2,"featured_media":22502,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"what Blockchain is","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"Blockchains are well known for their critical function in keeping a secure and decentralised record of transactions in cryptocurrency systems like 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