Crypto Academy Season 4 Beginners' course - Homework Post for Task 4: [BLOCKCHAIN, DECENTRALIZATION, BLOCK EXPLORE] by @dhanux94
I'm dhanux94. First of all, I would like to thank Professor @yousafharoonkhan for providing the details. Your lecture was very important to me for this homework. I learned a lot about Blockchain, Decentralization, Block explorer.
I will answer the first of the three questions you mentioned. I also kindly invite professor @yousafharoonkhan to check out my homework I did below.
(1) Write the definition of blockchain. And how our data on Blockchain is protected from hackers. ? And write details about Data, Hash and Previous Hash tag and explain through screenshot.
Write the definition of blockchain?
What is the blockchain ?
Blockchain is a compound word derived from the words "block" and "chain". What we simply call a blockchain is a collection of data that can affect the data associated with the chain. Or a place where a large amount of specialized data is stored. I will interpret this in detail because I feel this is a shallow definition.
To understand this we must first understand the two key words separately. Block is like a record book containing information about transactions. Chain is an organized chain that connects information to each other or to each other. If a block is an information box, the chain connects the boxes to each other. We define this as a blockchain. We can show it as follows.
Prior to the advent of blockchain, financial institutions and business organizations used the ledger to complete transactions. Even there reports are made in this way, but even if the same principles are used, blockchain is better.
Decentralized ledger technology is blockchain, which makes it easier for anyone to access and enter information than just looking at a ledger book.
Thus, once the block is linked to the previous block, the data entered in it cannot be changed. This is because the information in all the blocks is verified. So blockchain is safer in every way. Any user can without a doubt store economic activities and public data. The economy system can store transaction, balances, senders & receivers data and information of humans, education, health, population & many more and public data.
In this case, when new data arrives, a new block is started and when it is full of data, it connects with the previous block in that order and becomes a network.
How our data on Blockchain is protected from hackers?
The security of anything or anything is paramount and without it there is no confidence and responsibility for its existence. That is why this problem also arises in blockchain. So we will be given some keys to use the blockchain. Each of those keys allows you to perform a specific task. Verifies and records every action we take in the blockchain. So the information is very secure. The keys that users receive should also be kept very secure to protect themselves from hackers. This verified data contained in a blockchain cannot be reversed or removed. If someone is going to make a change in one action, it will affect all the other integrated blocks. This is because a hash tag connects a block to the next block. A new block is lined up chronologically and is always added to the end of the blockchain. Each block has its own hash and the hash of the previous block as well as the time stamp mentioned earlier. Therefore the hash code changes if the information is edited. Then it changes with the information of others. Therefore, unauthorized access to the blockchain is not allowed. It can be easily identified because it is associated with a large number of data. Therefore, it is very difficult to change the information stored except at the discretion of many people.
However, it has the potential to be hacked. It will be easier for them to do that if they get our information in a sophisticated way. So users should be very careful not to give out their keys and information as this can happen due to vulnerabilities.
Write details about Data, Hash and Previous Hash tag and explain through screenshot.
Block elements are variables that are used in verifying the information necessary in each block. The elements are Data, Hash and the Hash of previous block.
The type of data stored in a blockchain largely depends on the type of blockchain. The sender of a blockchain designed for financial purposes, such as Bitcoin, takes into account data such as block creation time, amount of money, block version, start and destination, and recipient. A blockchain system has millions of blocks and contains a large amount of data. Nodes are used to identify this data that is stored in the header of the block. That data is available to users to access, modify, and analyze other processes.
All the screenshots below were taken by accessing the Blockchain demo.
This is what we call the "Identifier" of a block. It is also correct to refer to the blocks in the blockchain as digital footprints. There must be a separate way for blocks to identify and select the millions of large amounts of data in blocks. For this, a block has a naming system with a hash tag. In particular, the hash tag marks the blocks in the blockchain. Whatever transaction we make is contained in the hash. The hash number for each block in the blockchain is hash.
This unique hashtag allows users to identify and track transactions made in data or related censorship. We can use the hashtag to check the transaction of a specific part.
Hash of previous block:
The information contained in the previous block is transferred or copied to the new block via the "Previous hash tag". When filling a folder with data, we need a new folder to store more such information in the blockchain. Then a new block is created and when a new block is created, the hash code of the previous block is added to the new block so that it remains the same as before. The previous hash of the first block is displayed as 0000000000000. In this case, the new block contains a copy of the information, which cannot be infringed, as the previously blocked information may not change. See the screenshot below.
Thank you all for taking the time to read my post.