What is Blockchain Technology? | Token Spoken
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What is Blockchain Technology?

The blockchain behind the Bitcoin network is the data structure that represents all records in the account ledger. The digital records of the transactions are combined into "blocks". If someone tries to change only one letter or number in a block of transactions, it will also affect all the following blocks. Due to the fact that it is an open ledger to the public, the mistake or fraud attempt can easily be detected and corrected by anyone.

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The hash function generates a new encryption due to the slightest change in every process encrypted with certain digits and letters. After each node has checked the operation, it does not approve or approve the operation with some kind of electronic voting. If the most of nodes say a process is valid, it is written in a block. The user can verify the validity of each transaction with his/her wallet. The authenticity of each transaction is protected by digital signatures corresponding to the sender addresses. Depending on the validation process and the transaction platform, the BTC process may take several minutes to be completed. The Bitcoin protocol is designed to take 10 minutes to process each block.

Each node checking is actually a computer where the account ledger is distributed on the network or infrastructure. Each node has a copy of the blockchain. When a block reaches a certain number of approved transactions, a new block is created. The blockchain automatically updates itself every ten minutes. The main or central computer does not want the computers to do this.

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It is impossible to change each block or registry when it is updated, you can only make new entries. The record is updated at the same time as all computers on the network.

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