Let’s know how blockchain works step by step in detail just read this article to get full information and to can get benefit from that.
How blockchain works
This is the condensed version:
A blockchain is a ledger that makes it easy to use authentication and rewards to record transactions.
It makes confidential transactions between pseudonymous parties without the need for a trustworthy intermediary.
Now let’s unpack the pieces in it to make perfect sense for you by the end of the article.
In short, prior to jumping into blockchains, we have a few primitives to create.
Primitives are like materials for construction.
If a shed is to install, a little wood, a few screws, a drill and also a screw will be needed.
It’s good to get a short idea of how everyone worked before building started.
Here, that’s all we’ll do.
A mystery, surprise cryptographical primitive is the building blocks of the blockchains.
In the presence of third parties, cryptography is the study of techniques for secure communication (AKA adversaries).
Historically, the military has carried out a lot of cryptographical work to ensure they can communicate safely without their enemies reading the telegram or the radio.
Each popular website uses modern cryptography, in credit card chips, and also computer passwords.
It tries to prevent third-party data such as credit card information from being stolen from sensitive data.
In short, we will start with the first building block, the Hash Facility.
Functions of hash
In short, a hash feature is a math feature that allows data to encrypted.
There are three properties to a Hash function:
It can be any size of its input.
I might use “I like ice cream” as an input, for example, or we could use the entire War and also Peace message, and they would all work.
Use any input volume, a fixed-size output is given calculated by which the particular hacking algorithm used.
To keep things simple, this is how to buy bitcoin, the first blockchain, is using, because we will use a 256-bit output.
Whether I have input the phrase ‘ I like ice cream, ‘ or I have used the whole war and peace text as input, both are going to produce the same size production.
General hash functions allow you to map a big area of stuff into a small area that can be helpful to store and use the various data types.
But we will concentrate on cryptographic hash functions because they are those used in blockchains.
Finally, a cryptographic hash function needs three other features:
1- Resistance to collision
2- Hiding Deterministic
3- Friendship of the puzzle