Blockchain: An Emerging Technology to Prepare for the Digital World's Future

Blockchain technology is gaining popularity for a variety of reasons.

For good reason, blockchain technology is gaining popularity these days. Let's use infographics to learn about blockchain technology, the three pillars that support it, and its functionality.

Blockchain is a highly secure system that maintains public transactional records (also known as "blocks") in many databases (also known as the "chain") in a network connected by peer-to-peer nodes. Anyone on the network has access to all transactions and copies of these blocks.

Blockchain pillars

  • Decentralization

The term "decentralised transaction system" refers to transactions that take place with the mutual consent of users. Transactions do not require the permission of regulatory bodies such as a bank or the government. The two parties connect directly without the involvement of a third party, allowing for easier, safer, and speedier transactions.

  • Transparency

Transparency in blockchain implies that all transactions are public and visible to everyone on the network. The fact that blockchain is transparent assures its security.

  • Immutability

Blockchain immutability means that no transaction is changed once it enters the blockchain. The blockchain network ensures the protection of your digital assets since other users cannot alter the data.

Step by Step Breakdown of Blockchain Functionality

  • The user initiates a transaction.

  • The transaction is represented by a Block.

  • The block is transmitted to all network nodes.

  • The transaction is validated by the network of nodes using well-known consensus procedures.

  • When a transaction is merged with other transactions for verification, a new data block is formed.

  • The new block is added to the blockchain's immutability (permanent and unaltered).

  • The transaction has finished.