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WHAT IS A BLOCKCHAIN?



Blockchain is a set of technologies that make it possible to maintain a distributed ledger of data, structured in blocks containing transactions, linked together through encryption.

 

The chain structure is what sets blockchain apart from other types of databases. To understand it, it is important to know the three key elements of each block, the combinatio of which makes the blocks immutable.

• Your Hash Code: An alphanumeric representation of your data. It is unique and changes if any of the data related to the block is changed.

• the hash code of the previous block: it has the function of keeping the blocks in linear chronological order, in order to keep the chain intact.

• Timestamp: indicates when the block was created, helping to maintain the chronological order of the entire chain.

 

How it works?

In a blockchain system, information is recorded in blocks, each of which contains a certain set of data. When you add a new set of data, it forms a new block that "chains" to the previous block, therefore each transaction is placed within a block, which must be verified before being added to the previous block chain. This process is carried out by miners, who must find a certain value that, when added to other information in the block, returns a certain hash code.

Miners are remunerated for carrying out the validation process, and, for this reason, they compete with each other to solve the block, as the first to solve it will get a reward in crypto.

 

To make it clearer:

When a miner finds the solution to validate the block, all other miners will have to confirm that the result found is correct, and if so, the miner who validated the block will get their reward.

(Proof of Work - PoW)

 

Finally, following the mining process, the block is added to the blockchain, increasing its length, and the transactions contained within it reach their destination.

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