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Field article of the issue
What is Blockchain Technology?
By. Ms. Raseena Mohammed Haris
Introduction
Blockchain is a group of blocks linked together using a
cryptographic hash function of previous blocks, transaction
data and time stamp. They are also decentralized or
distributed ledgers. Decentralized application removes the
middle man and becomes easier to communicate through
around the world with direct interaction and advantages are
transparency, reduce failure, remove barriers, reduce the
cost of transaction, prevent censorship, trust and
irreversible. Blockchain are mainly three types they are
public (permission less), private (permissioned private) and
consortium (permissioned public).
In October 2008, Santoshi Nakamoto[2] is an unknown
person or group of people, they are invented Blockchain
technology to build bitcoin. Blockchain technology open a
new path way of digital transaction, smart
contracts, Internet of Things (IOT),security services,
public sectors and other reputation systems because
of immutability, tampered free, trust and reliability.
Block structure in Blockchain
Blockchain contains serious of blocks and it includes the
transaction history of each block. Figure 1 shows the
architecture of blockchain.
Figure 1:Blockchain structure
Blockchain consists of serious blocks and each block has
hash of previous block hash.
Figure 2 shows the structure of a block.
Figure 2 : Block structure