Have you heard about Blockchain in companies? If so, know that many people still need to understand what it is and how it works. The constant evolution of technologies can make us confused by some new terms. And even knowing the concept, we may need to learn how it works.
Generally, the miner, among other things, verifies the authenticity of each of the transactions. This is essential to determine if the transaction occurred or if someone generated false addresses, simulating false transactions for their account. To deal with this type of fraud, there is the digital signature.
The user digitally signs his information using his private key when a transaction is made. This procedure works as a cryptographic operation on all transaction information, generating a key that is represented by another large set of numbers and characters, as well as the address, but now it is the signature.
The miner also confirms the validity of the signature and whether it corresponds to the transaction data, confirming the last stage of officializing the operation. At this stage, the date on which the transaction was carried out is also made official through an official time stamp. And then, the miner signs the transaction by developing more cryptographic processes, generating, for each transaction, the transaction id, which is nothing more than a key that identifies an official transaction.
Step 4: Make The Transaction Immutable
This step is designed to try to solve a serious problem within the Blockchain. Since all users can access a copy of the worksheets, it is possible that all of them can change them. This possibility would jeopardize the entire credibility and functioning of the process, allowing anyone to take advantage of this failure.
For this, the hash, a mathematical function used on Blockchain information, generates coding for each version. That is, the hash will also change whenever there is any change in the worksheet.
This change in the hash is essential to prevent anyone from being able to forge transactions on the Blockchain and take advantage, which adds much more reliability to the system and also gives meaning to the name Blockchain, which means a chain of blocks.
Also Read: Block Chain: These Are The Opportunities For Environmental Protection
