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Blockchain technology appeared in the last few years and instantly opened up new perspectives in data exchange. Blockchain is a distributed database which contains information about all transactions made by all participants within the system. The information is stored in a series of blocks. Each block could contain the number of transactions.
There are numerous things that need to happen before a block can be added to the chain. First, a transaction must be confirmed. Blockchain transactions aren't approved by banks or payment systems similar to traditional transactions. Instead, they are verified by a network. They are generally comprised of thousands, or even millions, of computers from across the globe. The next process is to transfer information to the blockchain after a transaction is confirmed. It contains the dates, times and amounts of each participant along with their digital signature.
Finally, the block receives a unique encrypted identification code along with the hash of the previous packet that was added to the chain. Once it is hashed you are able to add it to the blockchain.
Why the blockchain is considered to be so secure. It includes information about the time, date, and encrypted algorithm for the transaction as well as the hash of prior blockchains.
The data is permanently saved on the blockchain and cannot be deleted or modified. The secret to the security of this system is the fact that all users of the network are informed of any changes.
Another factor that keeps the blockchain safe is the complexity of the proof-of work process. Hackers will have to solve many mathematical problems that are shared by nodes and miners to modify the block. This is a challenge.
The transparency of the network is the most crucial aspect. Anyone can see information about blocks. That means that transactions are and are transparent. Since there are millions of computers on the internet at any given time, it becomes almost impossible to hack into the system and go undetected.
