In this tutorial you will learn about Blockchain – Resolving Conflicts 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 – Resolving Conflicts
As we have seen the Bitcoin network contains several miners. It is possible, that the two different miners solve the Proof-of-Work at the same time and hence add their blocks to the ultimate known block in the chain. This is illustrated in below image–
Now, we have two branches after Block three. Both the branches are valid. So the next mined block may be added in either of the branches. Suppose, the miner adds the newly mined block to Block 104-A, the branch containing Block 104-A might be longer than the branch containing Block 104-B. This is illustrated in beneath image–
In Bitcoin structure, the longest branch constantly wins and the shorter ones are purged. So the Block 104-B has to be purged. Before purging this block, all transactions on this block may be returned to the transaction pool so that they are mined and added to some future block. This is how the conflicts are resolved and handiest one single chain of blocks is maintained by the system.
Blockchain – Public Key Cryptography
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