Information is stored wirelessly in an electronic medium like a database or a general journal in a blockchain network. The main function of block chains in cryptocurrency systems like Bitcoin is to keep a secure and decentralized record of transactions. Block chains, like databases, ensure the reliability and privacy of data records and actually create trust and confidence without the assistance of a trusted intermediary. It is because of the block chain’s innovation that it maintains the reliability and privacy of a data record and creates trust and confidence without the assistance of a trusted intermediary.
In a blockchain, the way data is organised is dramatically different from a traditional database. Rather than storing data in individual chunks, blockchain networks accumulate groups of data known as blocks. A blockchain network is formed when a block’s storage capacity is reached and a link is established between a specific full block and a block that has been completed. When a block is completed, all data that has been incorporated after the most recent block is recorded is committed to the blockchain.
Continue reading “A brief introduction to blockchain technology”