A lot of us know what is crypto, but we don’t know what the system runs behind this and how it works. so we will go through what is blockchain, how does blockchain works and how blockchain is secure.
What is Blockchain ?
A blockchain is a distributed database that is shared among computer network nodes. A blockchain, like a database, stores information electronically in digital format and keeps a secure and decentralized record of transactions. The blockchain’s innovation is that it ensures the security of a data record and generates trust without the need for a trusted third party.
How does a blockchain work ?
Blockchain’s goal is to enable digital information to be recorded and distributed, but not edited. A blockchain is a distributed ledger, or records of transactions that cannot be changed, deleted, or destroyed.
Is Blockchain secure?
In several ways, blockchain technology achieves decentralized security and trust. To begin, new blocks are always stored in a linear and chronological order. Each block contains its own hash, as well as the hash of the previous block and the previously mentioned time stamp. A mathematical function converts digital information into a string of numbers and letters to generate hash codes. If that information is changed in any way, the hash code will change as well.
Suppose a hacker, who also operates a node on a blockchain network, wishes to alter a blockchain and steal cryptocurrency from everyone else. If they changed their single copy, it would no longer be in sync with everyone else’s copy. When everyone else compares their copies to each other, this one copy will stand out, and the hacker’s version of the chain will be discarded as illegitimate.
To be successful in such a hack, the hacker must simultaneously control and alter 51 percent or more of the copies of the blockchain. Such an attack would also require a massive amount of money and resources, as they would have to redo all of the blocks due to the different time stamps and hash codes.