What is the basic technology of virtual currency "block chain"?
Bit coinAnd other important technologies that play the foundation of the virtual currencyBlock chain"there is. Block chain technology is said to be a superior technology as some people say that it is a revolution since the Internet. However, even if it is tried to investigate what kind of technology is the block chain, many technical terms etc. come out and there are many people who can not understand. Therefore, a company specializing in design "Airlink Design"Founder of Ariana Odale explains the block chain in an easy-to-understand manner.
Blockchain Is the Future, But It's Confusing. Here's an Explanation in Plain English | Inc.com
◆ What is a block
The block shows a new "transaction record". Besides buying and selling anything in a transaction, it can be used for other purposes. For example, there are infinite uses such as "file storage" "contract" "medical record" "recorded conversation". Basically "block" is not a problem if it is considered as recording digital information.
◆ What is Block Chain
When adding digital information, a new block is created. And this block joins as part of the past block, and it is connected with the past block. This concatenated block is called "block chain". For connection between the block chains, "Hash function"A tool that converts everything to a unique value is used. In the block chain, the digital information in the block is converted with "hash function", and concatenation between the blocks is realized by using the generated unique value. For this reason, even if intentionally tampering past transaction data, the result of the hash function will change, so falsification will be detected immediately. In other words, thanks to the hash function, transactions with higher security can be realized.
◆ Encryption of communication
The block chain itself is encrypted using public and private keys. The public key indicates the location of the block chain, and the secret key is easy to understand as a way to access the information in the block chain. The public key indicates a so-called address, but it is not the personal information related to the user's own address but the place where your own block chain exists. Also, since the public key and secret key are not stored online, they are stored on the computer at hand, so it is not something that anyone can easily access.
Block chains are not stored only by themselves, they are also stored on multiple computers on the Internet. When someone makes a deal, each computer verifies whether it is a problematic transaction at once. In other words, because multiple people are always in a state to monitor the transaction contents, it is impossible to conduct illegal transactions. Furthermore, transaction records can be viewed by anyone, so they are completely transparent and sometimes called "public ledger".
According to Mr. O'Dale, although block chain technology is a very attractive and highly transparent technology, it is buried in technical terms without plain explanation, so that it will be used by many companies and services yet It says it takes time.