1.4 Blockchain Technology

Blockchain

A distributed ledger, which means it keeps a record of transactions that is shared across many computers. Everyone on the network has a copy of this ledger.

• When a transaction is added, that change is recorded and shared with all participants, so everyone’s copy stays up to date. Once something is recorded, it’s very difficult to change without everyone noticing.

• Has many practical uses, such as payment processing, digital IDs, supply chain tracking, and even digital voting.

The Blockchain Process

• Starts with a transaction—like transferring Bitcoin, backing up data, or moving ownership of a house.

• Instead of sending the transaction to just one place, it's sent to everyone on the blockchain network. Every device that’s part of the blockchain gets a copy of that transaction and records it.

• That transaction is added to a group of other transactions, forming a block. A hash is then created for the entire block, which helps ensure the data inside it hasn’t been changed—this provides integrity.

• If someone tries to change anything in a recorded transaction, the hash won’t match anymore. When other devices on the blockchain see that the hash is wrong, they reject that block.

Blockchain

A distributed ledger, which means it keeps a record of transactions that is shared across many computers. Everyone on the network has a copy of this ledger.

• When a transaction is added, that change is recorded and shared with all participants, so everyone’s copy stays up to date. Once something is recorded, it’s very difficult to change without everyone noticing.

• Has many practical uses, such as payment processing, digital IDs, supply chain tracking, and even digital voting.

The Blockchain Process

• Starts with a transaction—like transferring Bitcoin, backing up data, or moving ownership of a house.

• Instead of sending the transaction to just one place, it's sent to everyone on the blockchain network. Every device that’s part of the blockchain gets a copy of that transaction and records it.

• That transaction is added to a group of other transactions, forming a block. A hash is then created for the entire block, which helps ensure the data inside it hasn’t been changed—this provides integrity.

• If someone tries to change anything in a recorded transaction, the hash won’t match anymore. When other devices on the blockchain see that the hash is wrong, they reject that block.