Blockchain Technology 1 of 4 Hands On Experience
Blockchain technology – Hands on Experience
The unique feature of this video that you will get practically experience the technology working behind the Blockchain.
In this video, I shall describe first (1) part of the four sections;
1. How cryptocurrency transaction is secured cryptographically?
2. How Block is mined cryptographically?
3. How Blockchain works?
4. How decentralized distributed database spread over the network?
Complete video transcription is available at this link:
https://blockchainwriter.review/
HOW CRYPTOCURRENCY TRANSACTION IS SECURED CRYPTOGRAPHICALLY
To understand how cryptocurrency transaction is secured cryptographically?
We need to open a link https://anders.com/blockchain/hash.html
Mr. Anders Brownworth, a programmer who described this program, named Blockchain Demo.
Here we practically experience that cryptographic hash function, SHA 256 Security Hashing Algorithm 256 for Bitcoin transaction is applied on data. When this hash function is applied on transactional data, it converts data / text into a specified alpha numeric value. Data may comprise of a word, a sentence or a document containing thousands of words.
Here this hash which starts from e3b & ends at b855appeared after digesting transactional data / information which is highly secured & kept hidden.
To develop a clear understanding, we open two same windows. I write here a word “research” in both windows. We observed that in both windows cryptographic hash function is applied on this data which gives a specific hash for specific data. In both windows showing same hash
But, if we make any changes, adding full stop, comma or a character, this will give another hash.
Hence, Hash is a digital finger print of a certain amount of data in a certain length. It does one- way function, we can’t obtain original data from hash.
This mechanism proved that how cryptocurrency transaction is cryptographically secured.
Cryptography also called cryptology that refers to the study & applications of technique used to protect, store & transfer data between two parties in such a way that can’t be intercepted by any third party.