Blockchain: A guide to decentralized technology - by Mohd Yamani Idna Idris
Deconstructing Blockchain
A visual guide to the decentralized technology revolutionizing digital trust and transparency.
What is a Blockchain?
Blockchain is a decentralized, digital ledger. Think of it as a shared, unchangeable record of transactions that's distributed across many computers, rather than being stored in one central location. This structure removes the need for a central authority, creating a system built on collective trust and cryptographic security.
Distributed Ledger
The ledger is duplicated and distributed across a network of computers, called "nodes." This decentralization means there is no single point of failure, making the system incredibly resilient and robust against attacks or outages.
Immutable Records
Once a block of data is added to the chain, it cannot be altered. Each block is cryptographically linked to the one before it with a "hash." Changing a block would change its hash, breaking the chain and being immediately rejected by the network.
Hash: A1B2
Hash: C3D4
Hash: E5F6
Transparency & Security
All participants can see the transactions, ensuring transparency. However, participants' identities are protected by cryptographic addresses. This creates a system where actions are visible, but privacy is maintained.
How a Transaction Works
Transaction Created
A request for a transaction is initiated and broadcast to the network.
Network Verification
Nodes on the network validate the transaction using consensus algorithms.
Block Formation
The verified transaction is bundled with others to create a new block.
Chain Addition
The new block is cryptographically added to the existing chain, creating a permanent record.
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