Blockchain technology- Technical Words in Blockchain

moyeon (69)SKP [Mod]in Steem Alliance • last month (edited)

Hello Steem Alliance Community

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How does Blockchain work?

As You know from my previous post that Blockchain is like system where we can store data base. In this technique, all data is stored in one block and in this way chain gets create and we call this blockchain.

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Have you heard about Timestamp and Peer to Peer technique system, in blockchain, these techniques is used to store all database. It plays very important role to create one Block. In future, any new blocks will added which is related to your data base, those blocks will get connected to each other.

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Peer To Peer technique means whenever any data will add in block chain, those database will be shared to all computers which are connected to each other using same available network. Means all network can trace those blockchain database instead of single person.

Blockchain Technical Words:

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1. Nodes : All computers and devices which are present in Blockchain, that is called Nodes in Blockchain technology system.

2. Peer to Peer : In block chain, every nodes which are available and get connected to each other, so the technique which is use to make them connected to each other, That's connection is called peer to Peer.

3. Hash: In my previous post, I shared that Blockchain is very secured and safe so to make it more safe and secure, there is cryptographic protocol is used which is called Hash in Blockchain Network.

4. Mining: The Process which is used to create block, that process is known by name of Mining. There is another word which comes under this, Minor. So those who create block, they are know as Minor.

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Whenever there is any transaction in Blockchain so always fresh data gets add in block chain in forms of block. In Blockchain, there is singal record equals to single block. So whenever any transaction is made in Blockchain so its record is saved in single block. There are 3 things gets store in this single block.

1. Relevant information of transaction. Means Payeer name, Receiver Name, Transaction amount etc.

2. Hash which gives unique identity to that block in which transaction information has been stored and this hash verify and authenticate that data which is stored in that particular block.

3. Previous Hash which indicates old block which has been created before this new block .