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As the world is moving to contemporary technologies, currencies and balance of payments have also gone through a paradigm shift. We have witnessed the new and emerging trends of technology over the years. Hence, the field of study is also emerging. It is a bummer for the students to complete the assignments on-time without any professional guidance. Our experts work hard to provide these students with the best blockchain homework help so that they can pass the semester with flying colors.
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If we put it in simple terms, then blockchain is a chain of blocks that contains information. The technology was initially introduced in the year 1991 by a group of tech developers to put a time-stamp on the digital documents so that no one can backdate these documents or taper them.
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Later in 2009, Satoshi Nakamoto, a famous developer, adapted the concept of blockchain and created a popular cryptocurrency known as Bitcoins.
It is a ledger in which we store information that cannot be changed. It is permanently stored in the block.
A blockchain contains the data, the hash of the block, and the hash of the previous block. The data that is stored in the blockchain depends on the type of block. For example, in the case of bitcoins, it stores the transactional data of the transactions (Sender, receiver, and the amount).
Hash is like a unique identification digital fingerprint that identifies the block and its details. Once we create a block, we get the unique identification of a digital fingerprint. When we change something in the block, for example, data, the identification code of the hash also changes.
Hash of a previous block
When we change the data in the block, the digital fingerprint also changes. Which means we no longer have the same block as a new block is created. In this new block, we have the data of the previous block.
This technique will create a chain of blocks we know as the blockchain. It is one of the most secure technologies. Now, in theory, it is simple, but when it comes to the implementation, then it is something that students face a lot of difficulties. Now, you do not have to worry at all because My Assignment Services is offering you the best blockchain dissertation help that will ensure you the highest grades in your entire class.
There are a lot of ways from which we can secure the blockchain network. It is almost impossible to tamper with one block without disturbing the others. Here are some of the ways that blockchain technology uses to secure it from tampering.
Hash of the previous block
Let's say we have three blocks, Block A, Block B, and Block C. Block C has a hash from Block B, and Block B has a hash from Block A. Here Block A is special because it is the first one that is created. Now, if we tamper with Block B, then the hash information of block C will change as well as the hash of the block B will change, and when the hash of the block B would change, then it no longer points to block A. So it is impossible to tamper with Block B without making the previous and the following blocks invalid. It is like a chain reaction.
It is a mechanism that slows down the creation of newer blocks. If we talk about in terms of bitcoins, then it takes 10 minutes to calculate the proof-of-work and the creation of a new block. It makes it almost impossible to tamper with the blocks because if you tamper with one block, then you have to calculate the proof-of-work for the following blocks.
Anyone can join the P2P network, and everyone in the has a copy of the entire blockchain, and then the node can verify that everything is under control. If someone creates a new block, then it is sent to everyone on the network. Later each node will verify the block to make sure it has not tampered. If everything is fine, then each node adds a newly created block into its own chain.
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