Blockchain Block Explained

Blockchain Block Explained | Ivan On Tech

Welcome to this cryptocurrency video posted by Ivan on Tech. In this video you will learn about a blockchain block. A block is a permanently recorded piece of data on a blockchain network.

A Blockchain is a decentralized network, a type of 'distributed ledger' (database) comprised of unchangeable, digitally recorded data in blocks. Each block is chained to the next block using a cryptographic signature.

The following image is an example of the process of how a transaction occurs. Step 1. Details recorded + digital signature from each party. Step 2. Nodes in the network verify details of transaction. Step 3. The verified details are recorded and added to a block (a unique hash is created for this block, and this block also includes the hash of the previous block. Step 4. The new block is added to the chain of blocks - The 'blockchain' just got a block bigger.

Blockchains are politically decentralized systems in that no one controls them. They are architecturally decentralized in that there is no infrastructural central point of failure. Blockchains are however, logically centralized as there is one agreed upon state and the system operates like a single computer. You can think of a blockchain as a database that exists on lots of different computers around the world acting as one through a form of consensus.

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