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HOW EXACTLY DOES THE BLOCKCHAIN WORK?
Technically, a blockchain is a chain of blocks, ordered in a network of non-trusted peers. Each block references the previous one and contains data, its own hash, and the hash of the previous block. In other words, it can be explained as below: a) Distributed ledger contains records in blocks (a bunch of records). b) After receiving verification, a cryptographically protected block gets added to the chain in a linear and chronological order. Like Block '1' >block '2' > block '3' > > Block 'n'. c) New block linked to the old block, giving each node to verify who owns what at a given time.
THE FOLLOWING ARE JUST SOME OF THE BENEFITS OF THE BLOCKCHAIN
1) Immutability > Nothing on the blockchain can be changed save with the consensus of the network. Any confirmed transactions on the blockchain cannot be changed.
2) Permanence > What happens in the blockchain stays on the blockchain. A public blockchain will act as a public ledger meaning that as long as the blockchain remains operative, the data on it will be accessible.
3) Removal of intermediaries > The P2P nature of the blockchain does away with the need of intermediaries and users interact directly with each other.
4) Automation > With the removal of intermediaries and the distributed ledger being updated in realtime by the miners, any data inputted on the blockchain is transmitted and stored
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