Blockchain is generally heard in the context of cryptocurrency where it is used to store information which is impossible to forge. There is a mathematical function called hash where strings of numbers and letters were produced which later converts into a variable number and characters.

Nodes

Nodes are a copy of digital ledger which checks the validity of each transaction, which can be written and stored. This ensures that the computer creates an original hash and no changes occur after.

Block

Every node has a copy of blockchains which is regularly updating itself and once update to ledger, it cannot be changed. Once a block reaches an approved number of transaction, a new block is formed. There is no human involved, which means there is no chances of errors as a central computer instruct the other computers to do the same.

Block

The process

A blockchain generates a dairy of information about transactions which creates a hash.

The transaction in the order is hash and after the transaction new hash is created.

the notes check the transaction which then checked and written into the blocks

Blocks create blockchain and is spread over other computers

Wallets, digital structure and protocols

A wallet is a string of number which has various blocks that contains transaction. There is no visible records of the transaction, but the wallet contains numbers, which is an address also known as a public key to your transaction.

Digital signatures

A wallet and a private key is necessary to carry out the transaction. The private key is a string of random number which addresses the privacy when someone decides to share his coins which the individual can sign and send the transaction with the private key.

What are cryptographic keys?

A number of strings and letters which are generated by keygens, which typically involves advanced mathematics to create is a cryptographic key.

cryptographic keys

Protocols

The blockchain protocol ensures that the networks run better while maintaining autonomy. The input information has a hash number which can be rewarded successfully by decreasing it by half, which keeps everything maintained.

Proof of work

By placing a transaction, one can successfully conclude a proof which is carried out by nodes. Proof of work is a system which requires processing time by a computer. By using a random process one can generate a low probability of producing errors and can validate proof of work.

What is mining?

Miners on a blockchain produce proof of work which is then approved by an electronic device to reward the nodes. The rewards are like incentives for the miners to keep their hardware running, which can be used as a transaction fee. Even the fee is voluntary a part of sender miner will prioritize transfer with higher transactions.