By design, a blockchain is resistant to modification of the data. It is ” an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way “. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.
How blockchain architecture works?
Basic Understanding of Blockchain and its Architecture.
1. A transaction is requested.
2. A Block that represents the transaction is created.
3. The Block is sent to every node in the network.
4. Node validate the transaction.
5. The block is added to the existing Blockchain.
6. The transaction is complete.