Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
You can think of a blockchain as a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
Every individual block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT). Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash — a function that meets the encrypted demands needed to solve for a blockchain computation.
A hash, like a nonce or a solution, is the backbone of the blockchain network. Because of the features of a hash, they are used extensively in online security — from protecting passwords to detecting data breaches to checking the integrity of a downloaded file.
Hashes are of a fixed length since it makes it nearly impossible to guess the length of the hash if someone was trying to crack the blockchain. The same data will always produce the same hashed value. Typical hash functions take inputs of variable lengths to return outputs of a fixed length. A cryptographic hash function combines the message-passing capabilities of hash functions with security properties.
Hash functions are commonly used data structures in computing systems for tasks, such as checking the integrity of messages and authenticating information. While they are considered cryptographically “weak” because they can be solved in polynomial time, they are not easily decipherable.
Cryptographic hash functions add security features to typical hash functions, making it more difficult to detect the contents of a message or information about recipients and senders.
Want to learn more? Tonex offers a 5-day Blockchain Mini MBA program that addresses the blockchain technology, business, leaderships, tools, and concepts that can help effectively manage development and provide a guidance to improve business decisions.
Tonex also offers several more Mini-MBA programs:
Cybersecurity Mini MBA Training Course
Mini-MBA in Business Management for Military and Veterans
Oil and Gas Transformation Mini MBA
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