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Blockchain Technology

enormous amount of faith is needed from every member in the network system;

they have to come to a consensus to approve dealings. Blockchains are distributed

by nature; in short, there is no solitary main computer controlling the whole chain.

Rather, any computer connected to the Internet can become an important node of

the network, known as a “terminal”. In order for transactions to be acknowledged,

a certain number of members in the system network have to come to an agreement

that a transaction has been carried out. The exact method by which this occurs dif­

fers between different Blockchains. The basic benefits of Blockchain technology are

decentralization, immutability, security and transparency. With its distributed and

unconfined nature, Blockchain technology can lead to new prospects and advantage

businesses through better transparency, improved security and easier tracking. The

great benefit of Blockchain is that it is public. Everybody contributing can see the

blocks and the transactions kept in them. This does not signify that everybody can

see the details of the transactions, though; those are secured by your private key.

Most importantly, it’s safe. The database can be extended, and the preceding logs are

unchangeable (because it is very expensive if somebody needs to modify preceding

documentation). Blockchain does not need the Internet. It is also known as a meta-

technology, as it influences additional technologies, including databases, application

software, other compatible computers, etc. (Brainbridge, 2019).

There are two features involved in Blockchain:

• Members of the system perform the transaction activities.

• Transactions are noted down by blocks, and it is then confirmed that they

are in the right order and have not been altered or damaged.

On a certain network, all transactions that have ever been carried out are noted

on the Blockchain, creating immutable evidence. This transaction evidence is kept

as digital recordings known as blocks. Precisely what is required to authenticate

transactions differs between Blockchains, but typically, this information contains

primary transaction data like the cost, timestamp and operations. Every transac­

tion block is cryptographically “secured or locked” to the preceding block because

it holds a cryptographic hash. These aids keep a log of records of the sequence in

which transactions happened, avoiding hacking and fraud. When anyone needs to

add a transaction to the sequence of the chain, all the members in the block network

approve it. This is done by introducing an algorithm or a procedure to validate its

legitimacy. What precisely is meant by “authentic” is decided by the Blockchain

system and generally varies among systems. After that, it depends on members’ con­

sensus to approve the transaction as correct and legitimate. Later on, a group of all

accepted transactions is tied up in a set of blocks and then passed to all the nodes of

the system network. These, in order, authenticate the fresh block. Every consecutive

block holds a hash that represents the distinctive fingerprint of the preceding block.

This confirms the need for the data to be altered, providing a slab of timestamping

that eliminates several stages of human inspection and ensures smooth transactions.

However, it isn’t yet the panacea that some trust it to be (Banafa, 2018). In short, a

Blockchain is a collection of data blocks associated by cryptographic tools so as to