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| Blockchain Basic Elements |
How the Blockchain Chain Operates
The meaning of blockchain if we break it down into meaning, has two non-combination words, namely block which means a collection, collection or combination, and the word chain which means chain.
The name describes how the blockchain system works, which uses computer resources to create each block so that they are interconnected...
Then how can these chains be connected to each other in the network when processing transactions, whether financial transactions, legal documents, or other personal data.
Little explanation
Each block consists of a ledger alias (ledger) and data has, data has is data that contains a signature or fingerprint that cannot be changed and reprinted. then the type of data used in this system depends on the purpose of the blockchain itself, for example in a bitcoin transaction there will be all transaction details in each block of data, from data records on the number of coins, sender data, to recipient data.
After the process is decentralized, the data will be added to a new block. Each block contains a unique hash or code.
The blockchain system is decentralized thus making this technology unnecessary to rely on third party authorities for validation and integrity of authenticity of data. This process is a decentralized process that usually occurs between network nodes to ensure the information is valid.
Utilization of Blockchain Technology
Most blockchain technology is used for financial transactions. The reason is, this technology can be likened to a digital cash book, besides being safe to use it can also be monitored by anyone, anytime, and anywhere while connected to the internet, so it's so easy without the need to ask for approval from a financial institution like a central bank as a manager.
This technology deserves to be developed as a new way of transacting on the internet in the future, besides being easy to use, transactions are also more secure and transparent so that they can anticipate data misappropriation or corruption.
However, this technology is considered modern technology or a new method, by the public in general, even though this blockchain idea has been coined long ago by Scott in his journal entitled Journal of Cryptography How to time without a Digital Document since 1991.
It's just that at that time it didn't prioritize financial or financial matters, so this technology was ignored, but after the birth of a Bitcoin-based financial project, this technology touched every programming.
