Hi folks, I hope you all are doing well. In today’s edition we will understand about the 3 main building blocks of blockchain. With this blog I want to target those people who are having confusion regarding the blockchain working, as this block will compress more in short to tell you the 3 important building blocks of blockchain.
If you all do wish to know more about it then you can read my previous blog named UNBOXING BLOCKCHAIN.
The power of blockchain systems is that they represent a combination of technologies.
What is widely called a blockchain is really the combination of three technologies, those three ingredients are as
1). Peer-to-peer networking: A group of computers such as the BitTorrent network that can communicate among themselves without relying on a single central authority and therefore not presenting a single point of failure.
2). Asymmetric cryptography: A way for these computers to send a message encrypted for specific recipients such that anyone can verify the sender’s authenticity, but only intended recipients can read the message contents. In Bitcoin and Ethereum, asymmetric cryptography is used to create a set of credentials for your account, to ensure that only you can transfer your tokens.
3).Cryptographic hashing: A way to generate a small, unique “fingerprint” for any data, allowing quick comparison of large datasets and a secure way to verify that data has not been altered; in both Bitcoin and Ethereum, the Merkle tree data structure is used to record the canonical order of transactions, which is then hashed into a “fingerprint” that serves as a basis of comparison for computers on the network, and around which they can quickly synchronize.
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Unboxing The 3 Building Blocks Of Blockchain was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.