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A blockchain is a distributed account that consists of a concatenation of data blocks, where each individual block is concatenated with the following one. A hash value for the checksum is formed from the concatenation. The concatenation is tamper- proof and can be used for transactions.

The concatenation of secured and chained blocks, as applied to the blockchain, works like a distributed database and is managed by peer-to-peer networkcomputers. The blockchain operates in a decentralized manner and is backed up and managed by many computers of peer-to-peer networks. The basis of the blockchain is Distributed Ledger Technology( DLT) where account management and transactions are distributed across multiple computers. No single computer in a peer-to-peer network can modify the blockchain. All copies are updated and validated simultaneously. Decentralization makes blockchain systems particularly secure. To prevent uncertainties due to single points of failures( SPoF), every single computer involved in the blockchain receives a copy of the current blockchain state.

Blockchains are based on fixed rules in which blocks are chained together. When the blocks are concatenated, the hash value of the header of data block 1 is calculated and concatenated with the header of block 2. From this, the hash value for the header of block 2 is calculated. The new hash value is concatenated with the header of block 3 and from this the hash value for block 3 is calculated, and so on. Each new block that is added is firstchecked for authenticity.

In this way, all blocks are secured. The process is transparent and can be traced unalterably. Because the transactions are stored in each block, secured transactions can be carried out. The blockchain process is used, among other things, for transactions in the Internet of Values, for cryptocurrencies such as Bitcoin, Ripple, etc., but also for security-relevant industrial applications.

Englisch: blockchain
Updated at: 16.08.2021
#Words: 295
Links: account, data, block, hash value, checksum
Translations: DE

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