In this chapter of our Advanced Level about blockchain technology, we will introduce you to the most important ideas, elements, and entities of a public blockchain starting with an overview.
The Elements of a Blockchain
In the first article of this chapter, we give you an overview of the different elements that make a blockchain work.
Hash Functions are an important part of every blockchain because they are used to verify the integrity of data.
Public Key Cryptography
Another major element is public-key cryptography. It is used to verify ownership and gave cryptocurrencies their name.
A Peer-to-Peer (P2P) Network
Here we talk about the "physical" infrastructure that blockchains are running on - the Peer-to-Peer Network.
There are many different parties in a blockchain and all of them need to agree on the transaction history. Here we show you how this is achieved.
In this last article of the chapter, we show you how miners secure the blockchain with their computational power.