The past few years have seen the massive rise and growth of blockchain technology as it continues to gain adoption all over the world. A blockchain is basically a digital immutable and distributed ledger that processes, records and stores data through decentralization. A blockchain is immutable which means that data stored cannot be altered by anyone.
Blockchain data are stored in encrypted blocks in a chain that are chronologically connected. In other words, a blockchain is basically a digital distributed ledger of transactions duplicated across the different network of nodes or network of computer systems where transactions that are immutable and are recorded and stored through what is known as a hash.
When a new information is added, a new block is created. Any transaction on the blockchain creates a new block and is added to the chain which is stored securely and immutably. Any information can be stored on the blockchain securely because it is a type of distributed ledger that is stored across a network of nodes or computers that are connected to each other. .The blockchain is made up of 3 main components which are, blocks, nodes, miners/validators
When it comes to blockchain technology, blocks are the key essential element, hence the name blockchain which is simply chain of blocks of transactions. A blockchain consists of multiple blocks that contain all the transactions on the network. Every transaction on the blockchain network are stored in blocks and for any new transaction that is created, a new block is added to the chain. The blocks of transaction that made up the blockchain are connected chronologically in a chain. Each block of a blockchain consists of 3 elements, the data in the block, the nonce and the hash.
This is another main component of the blockchain. The blockchain is made up of multiple networks of nodes or computers that are connected to each other, hence why a blockchain is a type of distributed ledger that are shared across multiple nodes. The nodes are without a doubt one the key elements of a blockchain, and without the network of nodes, a blockchain wouldn’t be what it is today. The network of nodes or computers that power the blockchain are the key aspects of decentralization, that is why it is almost impossible to take down any information stored on the blockchain.
The miners/validators are also key element of the blockchain. The miners/validators are people who secure the blockchain network. Miners/validators are the ones responsible for creating new blocks on the chain. Miners and validators pretty much do the same thing on the blockchain, however, they operate differently deepening on the blockchain and the algorithm of the blockchain. Miners secure the network and create new blocks on proof of work blockchains where powerful computers are used to perform the complex mathematical calculations to solve the puzzles on the network. Validators are on proof of stake blockchains where the amount of stake on the network are considered when it comes to securing the network and creating new blocks on the chain.
