Beginner’s guide to understand Blockchain Technology

How does Blockchain work?

  • A record can be any information, for example, a deal or a transaction between two parties.
  • A block is a bundle of records put together. Usually, they share some common features or characteristics.
  • A chain is formed when all the blocks are linked together.
  • First, no matter what the size of the original file is, a hash function will always generate a hash of the same length, irrelevant to vast variations in the file sizes.
  • Second, any change in the original input will generate a new hash. The next block still has the value of the old hash, (except the first block, also known as the genesis block) so to restore the chain a hacker would have to recalculate that and the next, and so on. Recalculating all those hashes would take an enormous amount of computing power.

How Secure is Blockchain?

What is the Consensus model?

Application of Blockchain

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SoluLab

SoluLab

A leading blockchain,mobile apps & software development company, started by Ex VP of Goldman Sachs, USA and Ex iOS Lead Engineer of Citrix www.solulab.com