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Blockchain Basics

Blockchain is a digital chain of blocks that store information, with each block containing transaction data and linked to the previous block via a hash. The first block, known as the Genesis block, is hardcoded at the inception of the blockchain. Hash functions, such as SHA-256 used in Bitcoin, ensure data integrity and immutability, making it impossible to alter information once added to the blockchain.

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6 views6 pages

Blockchain Basics

Blockchain is a digital chain of blocks that store information, with each block containing transaction data and linked to the previous block via a hash. The first block, known as the Genesis block, is hardcoded at the inception of the blockchain. Hash functions, such as SHA-256 used in Bitcoin, ensure data integrity and immutability, making it impossible to alter information once added to the blockchain.

Uploaded by

Randy Orton
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Blockchain Basics

Chain of Blocks
• A Blockchain is a chain of blocks that contain information. The data which is
stored inside a block depends on the type of blockchain.
• For Example, A Bitcoin Block contains information about the Sender, Receiver,
number of bitcoins to be transferred
• The first block in the chain is called the Genesis block that is hardcoded at
the time the blockchain was first started.
• Each new block in the chain is linked to the previous block.(Previous Block Hash)
Block
• A block is merely a selection of transactions bundled together
and organized logically. A transaction is a record of an event,
for example, the event of transferring cash from a sender's
account to a beneficiary's account.
• A block is made up of transactions, and its size varies depending
on the type and design of the blockchain in use
• A reference to a previous block is also included in the block
unless it is a genesis block.
• A genesis block is the first block in the blockchain that is
hardcoded at the time the blockchain was first started
Blockchain Hash Function
• A hash function takes an input string (numbers, alphabets,
media files) of any length and transforms it into a fixed
length. The fixed bit length can vary (like 32-bit or 64-bit or
128-bit or 256-bit) depending on the hash function which is
being used. The fixed-length output is called a hash
The hash algorithm has certain unique properties:
1. It produces a unique output (or hash).
2. It is a one-way function.

SHA-256
• A Bitcoin's blockchain uses SHA-256 (Secure Hash Algorithm)
hashing algorithm.
Blocks and their Hash values

In the above image, the generated hash would If the newly generating hash does not have fo
look like 00001acbm010gfh1010xxx.This hash leading zeroes, then it will not a valid block.
has four leading zeros. The four leading zero's make the block valid, we will do it by using th
describes whether the block is valid or not. field called nonce.
Chaining Blocks with Previous Hash
• A blockchain is a concept of storing data digitally. This
data comes in blocks.
• These blocks are chained together and make the
data immutable.
• When a block of data is chained with the other blocks,
its data can never be changed again.
• It will be publicly available to anyone who wants to see
it ever again and will be available in the same sequence
in which it was added to the blockchain.
• Nobody can change the information once it is added in
the blockchain.

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