Blockchain is regarded as the most disruptive technology of the modern era. In fact, it has received a lot of attention recently, and most tech titans are eager to use this technology in their businesses. As a result, people must understand the fundamentals of blockchain and its utility.
Blockchain technology, as the name implies, is based on the concept of a series of interconnected blocks that form a chain. It can be viewed as a platform for decentralized computation and information sharing, allowing multiple authorities to collaborate and coordinate with one another to make decisions and work together. In other words, It is a public ledger that is distributed, immutable, and indisputable.
There are numerous terms that are commonly used in blockchain technology. Understanding the fundamentals of blockchain requires familiarity with its architecture:
A block is a basic structure in a blockchain that contains information and other primary details such as a timestamp, the hash of the previous block, the hash of the current block, and additional details. These blocks are stored in a linear manner, with the most recent block attached to the previous block.
The hash is used to determine the authenticity of any block and whether or not it should be attached to the current chain because the hash is unique to each block, it cannot be replicated by any malicious block.
When one peer sends information to another peer on the network, a transaction occurs. It is a critical component of any blockchain, and using a transaction would be pointless without it. A transaction is made up of information such as the sender, receiver, and value.
Consensus is the final critical component of blockchain architecture. It is the process by which a transaction is validated. Each blockchain can be associated with a different consensus method. For example, bitcoin employs Proof-of-Work (PoW), whereas Ethereum employs Proof-of-Stake (PoS) (PoS). A set of rules is provided by consensus algorithms, which everyone must adhere to.
Further, There are different types of Blockchains, based on the management namely; Public, Private and Consortium. Public blockchains store data on a public ledger that can be accessed by any internet user. Users can modify and verify the blocks before adding them to the blockchain. Private blockchains are managed by an authority, and only verified and authorized users have access to the data on them. Consortium blockchains are managed by a group of organizations, and they can only modify them.
Blockchain ensures data integrity, while Data science allows for data prediction. Hence, using them in tandem would reap great insights. Blockchain technology is in a nascent stage, however more innovations and maturity will allow for the exploration of more use cases, including data science.
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