The innovation of blockchain technology is that by design, blockchains are resistant to retroactive modification and can store data securely without a centralised authority. <\/p>\n\n\n\n
The process starts with the cryptographic hash function. Each block has a hash function for its own data and a hash function for the last block’s data. <\/p>\n\n\n\n
By encoding the previous block’s data into each new block, the hashes create a chain that is it grows becomes ever harder to corrupt.; to tamper with, or modify any particular block’s data, you would also have to modify all subsequent blocks to keep the chain valid. <\/p>\n\n\n\n
If I change the data on a specific block, it’s corresponding hash will change – remember from our dog example above – and be different to all following block’s recorded hashes and thus the chain will become invalid. <\/p>\n\n\n\n
However, due to the speed of today’s computers, this hash function isn’t enough to secure blockchain’s from being tampered with. <\/p>\n\n\n\n
Computers can calculate hundreds of thousands of hash functions per second and could effectively calculate new hashes for all blocks in a chain to make it valid again. Thus, Sastoshi’s need to create a consensus mechanism – borrowing from previous attempts at digital cash – that was immune to brute force attack. <\/p>\n","protected":false},"excerpt":{"rendered":"
The innovation of blockchain technology is that by design, blockchains are resistant to retroactive modification and can store data securely without a centralised authority. The process starts with the cryptographic hash function. Each block has a hash function for its own data and a hash function for the last block’s data. By encoding the previous […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[455],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8055"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=8055"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8055\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=8055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=8055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=8055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}