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In this tutorial you will learn about Blockchain – Merkle Tree step by step. So without much to do let’s get started.
What is Blockchain?
A blockchain is a continuously developing ledger which continues a permanent record of all the transactions which have taken place in a secure, chronological, and immutable way.
Let’s breakdown the definition,
o Ledger: It is a record this is constantly growing.
O Permanent: It means once the transaction is going internal a blockchain, you can put up it completely within the ledger.
O Secure: Blockchain placed information in a secure way. It uses very advanced cryptography to ensure that the data is locked inside the blockchain.
O Chronological: Chronological means each transaction happens after the previous one.
O Immutable: It method as you construct all the transaction onto the blockchain, this ledger can never be changed.
A blockchain is a chain of blocks which include records. Each block records all of the latest transactions, and as soon as finished goes into the blockchain as a permanent database. Each time a block gets finished, a brand new block is generated.
Note: A blockchain may be used for the secure transfer of money, property, contracts, and so forth. Without requiring a third-party intermediary like bank or government. Blockchain is a software protocol, but it couldn’t be run without the Internet (like SMTP used in email).
Blockchain – Merkle Tree
The difficulty of disk space in a node is without difficulty overcome because all transactions in a block are hashed in a Merkle Tree as shown in image–
The block header now contains the hash of the previous block, a Nonce, and the Root Hash of all the transactions in the current block in a Merkle Tree. As this Root Hash consists of the hashes of all the transactions within the block, those transactions may be pruned to store the disk space. So now your blockchain will appear like in below photo –
This can result in a lots of saving inside the disk space. This method is used by a ordinary client who is interested in just receiving payments from others. However, the miners want to save the full blockchain. Now the question arises, how a receiver verifies the payment without having the capacity to trace a received coin proper to its origin. This is explained next.
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Blockchain – Public Key Cryptography
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