Blockchain?
In the world of cryptocurrency technologies such as Bitcoin rely on database forms with the advantage of being able to track large and secure transaction volumes. The technology used by many digital currencies is Blockchain.
Blockchain was first implemented in 2009, and was revolutionized with Blockchain 2.0 in 2014. Blockchain technology consists of blocks that hold transactions, where each block is interconnected through cryptography, thus forming a network.
As the advent of the digital age, cryptocurreny in the future has become a traditional banking infrastructure. Some developing countries in the world have even implemented a Blockchain-based national currency, such as Bitcoin, ethereum, ripple and the technology also used by some to facilitate access in delivery.
Blockchain also has the potential to be used outside the scope of digital currency, and attracts the interest of many traditional financial institutions to adopt.
How does Blockchain work?
The Blockchain system consists of two types of records, transactions and blocks. These transactions are stored together in a block. The unique thing about Blockchain is that each block contains a cryptographic hash to form a network. The cryptographic hash function is to take data from the previous block and convert it into a compact string. This string allows the system to easily detect the existence of sabotage.
With that method, meaning that each block does not need to have a serial number, the hash allows each block to verify its integrity. Each block will confirm its validity from the previous block. Block association is not the only thing that keeps the network secure. This technology is also decentralized, every computer with installed software has a copy of Blockchain that is constantly updated with new blocks. There is no centralized server that holds the transaction, and since each new block must meet the requirements in the chain or network, then nothing can overwrite the previous transaction.
Other transaction requirements, which can be used to specify valid entries. In Bitcoin, for example, a valid transaction must be digitally signed, and must issue one or more unused outputs from the previous transaction, as well as the amount of transaction output can not exceed the number of inputs
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