Blockchain technology seems to be the newest buzzword in the tech world today and if you know what it is or how it works, you would know that it is basically a decentralized, distributed ledger where information can be stored. Put in simpler words, it is actually a database. We all know these basic facts but have you ever wondered what database is used in blockchain?
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Blockchain: A Distributed Database
Blockchain is a database like any other but with one very crucial difference. It is a distributed database, which means that it is spread out across a large number of participants at the same time. Whenever a change or update is made to any of the records that are a part of this database, each and every participant, or “node” can immediately and simultaneously view the changes.
The idea behind this distribution is to basically attain an extremely high degree of decentralization. This means that no central entity or entities can control what information is fed into the blockchain, what information is updated and how transactions are processed.
Everything is done by the nodes that are a part of the blockchain network. How do they decide how to do all the processing and data handling? They use one of the different consensus protocols used in blockchain.
So basically, a blockchain is basically a ledger of data that can be broken into several blocks. One block represents a unit of information and transactions stored on the blockchain.
Each block carries the unique hash value assigned to it as well as the unique hash value assigned to its previous block. In this way, an inexorable chain is created that cannot be intercepted without dismantling the entire blockchain.
Therefore, the blockchain uses a distributed and by virtue of that distribution, decentralized database. As a result, it is capable of making sure that all information stored is immutable and secure.
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