First things first, let’s cover the basics.
The data is stored chronologically where each block is linked to the previous one, with the exception of the very first block, known as the “genesis block”.
The transaction and other information added to a block cannot be changed without complete consensus from the network.
Then, once the information is added, all the nodes on the network must update their version of blockchain so that the data is identical across the whole network.
That way, if anyone ever tries to manipulate the details of an old transaction, every node on the network will be able to see it and refuse to verify it.
Pretty cool, right?
It gets better.
One of the most interesting things about blockchain technology is that it is secured by cryptography.
Now you might be thinking, “what on earth is cryptography”?
Cryptography is used to secure data and deter any fraudulent activities on the blockchain.
At first, all blockchains transactions were verified by solving cryptographic puzzles, but recently a new system has been dominating blockchain technologies.
And if that piqued your interest, stay tuned for the next lecture when we will be discussing this in more detail!
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