How the transaction is been made of Blockchain
The Blockchain is a public and distributed database. In blockchain records all transactions. It is a public accounting works through a distributed network of computers. Blockchain does not need any central authority or third parties to act as intermediaries. It works just like a ledger book. In this case, the notes are public and decentralized. Blockchain consists of a chain of blocks. That designed exclusively to avoid their alteration once the data has published. The concept and technology of Block Chain created in 2009. It was with the appearance of Bitcoin virtual currency. Currently, there are many kinds of virtual currency. The real potential is the technology behind Bitcoin, the Blockchain technology.
How does Blockchain work?
We had always needed a third party in which both parties would trust to guarantee. The authenticity of the transactions, be it a bank, an auditor, a notary or Paypal. The Blockchain handles this double-spending problem with the combination of P2P technology. The blockchain is able to record all the transactions in blockchain network. It stores and shares them publicly.
The members of the system create the transactions contained in the blocks. In blockchain all transactions recorded. Then it transmitted to all nodes in the network. Thus, all members constantly update information with all transactions. A node connects to the network. That uses software to store and distributes an updated copy of the blockchain in time.
Block forms is the combination of different transactions. You will have a root block and from there the different links of the chain will unite. The parts that form a block are:
- An alphanumeric code that serves to link to the previous block.
- The number of transactions number determined by different factors.
- Another alphanumeric code is to join the transaction with the next block. It must decrypt with a series of calculations to be valid. The miners are in charge of verifying these operations to create new blocks.
It is the process of getting the digital currency. The bitcoins encrypted so that operations with this currency are more secure. To decipher the codes you need a series of computers. Mining has specialized by software and hardware. It is capable of making millions of calculations per second. Each time a miner solves any of the mathematical problems. The transaction verified and completed a new block. The miners are one of the key figures in the process. They are in charge of creating new bitcoins for each block.