1. Blockchain Concepts:
Blockchain fundamentals, Blockchain technology is only now becoming mainstream. Financial innovation is synonymous with the latest methods, Asset management and its applications are widely used Unlimited. However, it is important to re-assign accountability. Information into this new democracy presents new opportunities , Practicalities and problems, especially for those who are involved in the Security conscious. As we have explain each Blockchain fundamentals step by step.
The underlying concepts of Blockchain Technology, Practical elements of what makes a Blockchain work, Take a look at the inherent weaknesses of your organization. Decentralized network in real world,
2. Blockchain Fundamentals:
Blockchain fundamentals, Blockchain technology can be described as a collection of essentially the same things at its most basic. cryptographic algorithms. Satoshi Nakamoto is the creator of blockchain. We have created a system that places the trust we place in tradition in a way that allows us to be more confident. Trusted records are maintained by organizations (like banks). These records are transferred to the Blockchain and the cryptographic algorithms it uses.
(A ). The Cryptography Behind Blockchain:
Blockchain fundamentals, Blockchain’s goal is to establish a trusted, distributed, decentralized record of the history of all transactions. The system. This record is used to store transactions history by Bitcoin, the most well-known blockchain. So people can send and receive Bitcoin payments and have confidence that their money will not be stolen. be stolen or lost. The blockchain employs a few cryptographic algorithms to attain this level of trust. Building blocks. Both the functionality and security of public key cryptography and hash functions are critical. Security of the Blockchain ecosystem
(B) . Hash Functions:
Blockchain fundamentals, A hash function can be a mathematical function that takes any number as input and produces an algorithm. Output within a predetermined range of numbers. Examples include 256-bit hash function (which are often used in Blockchain), produces outputs in the range of 0-2256. A hash function must be collision-resistant to be considered safe. It is extremely difficult (to the extent of being almost impossible) to find two inputs which create the same hash output. This requires several features.
* There are no weaknesses in the hash function
* Many possible outputs
* A one-way hash function that doesn’t deduce the input from its output
* Very different outputs can be produced from the same inputs
These requirements are met by any hash function that can be used in blockchain. If any of these requirements are not met, however, If these requirements are not met, the security of the Blockchain is at risk. Blockchain heavily relies on Secure hash functions are used to make sure transactions cannot be altered after they have been stored in the ledger.
(C). Public Key Cryptography:
Blockchain fundamentals, Public key cryptography is another cryptographic algorithm that is used in blockchain technology.
This type of cryptography can also be used widely on the Internet, as it offers so many benefits
Properties, You can use public key cryptography to. Blockchain technology can be described as a collection of essentially the same things at its most basic. cryptographic algorithms. Satoshi Nakamoto is the creator of blockchain. We have created a system that places the trust we place in tradition in a way that allows us to be more confident. Trusted records are maintained by organizations (like banks). These records are transferred to the Blockchain and the cryptographic algorithms it uses. * Encrypt messages so that only the intended recipients can see them
* Create a digital signature to prove that you have sent a message
* To verify that the message was not altered in transit, use a digital signature
Public key cryptography allows everyone to have two encryption keys. A private and public one.
One. Your private key is an random number you generate and keep secret. It is used to decrypt.
Sending messages and creating digital signatures Your private key is what generates your public key.
It is intended to be freely distributed. It is used to encrypt messages for you and generating digital signatures. Your address (where people have sent it Transactions to) on the Blockchain are typically derived from your Public Key. Two things are necessary to ensure the security of public key cryptography.
The first is Your private key remains secret. If anyone can guess your private key or steal it, They have full control over your account on the Blockchain. This is how it works They can perform transactions for you and decrypt data intended for you. This is the most popular ,the reason blockchain can be “hacked”? People failing to secure their private keys.
If you can guess, They will steal your private key You have total control Your account on the Blockchain
Another assumption in public key cryptography refers to the security of the algorithms. Public Key cryptography is built on mathematical “hard” problems. This is where the operation is performed. It’s much simpler than reverse it. It’s easy to multiply two numbers together, for example. It is difficult to factor the result. It’s also easy to do exponentiation, but difficult to calculate logarithms. It’s now possible to make computer-readable programs that can do the simple tasks. Operation but not the difficult one.
These “hard” problems are the reason you will often see articles on quantum computers. Breaking blockchain Factoring and logarithms don’t work due to quantum computers. It is more difficult than multiplication and exponentiation. Therefore, traditional public key cryptography does not work anymore. But, quantum computers still face other challenges, which makes the threat of quantum computer a real possibility. A simple upgrade can convert computers to blockchain.
(D) How Blockchain Works:
Blockchain fundamentals, Blockchain acts as a distributed ledger that secures data. These data are stored in blocks. This image shows the basic structure of a block within a blockchain. Every topic will be covered. This image is only a small part of the entire series. For now, focus on the green sections. Each green piece represents a transaction within the block. A transaction can be a literal transaction (i.e. This isn’t the only option for blockchains like Bitcoin. Smart Technologies are smart, as we’ll see. Contract platforms can also store other items (like computer code), as well as transactions.
The security of digital blocks is dependent on the security of cryptography with public keys. Each transaction and block on the blockchain are digitally signed by their creators. Anyone can sign the blockchain digitally. Access to the blockchain allows you to easily verify that each transaction is authenticated (i.e. It was sent by someone Who owns the account? It has not been modified since its creation. The integrity and The digital signature of the block creator also guarantees the authenticity of the blocks within the chain
Read more:: cryptocurrency
Blockchain fundamentals, Each block corresponds to one page of a bank’s account book; it is only a small slice of the total. The history of the network’s past. These slides can be combined into one continuous slide. Blockchain makes use of hash functions. The image shows the hash functions that link each block together. Each block contains The hash of the previous blocks as part of its block header. (The section that does not contain transaction data).
Because of collision resistance of hash functions, it is important that each block is dependent upon the previous. There are two ways to forge block 3`1 as shown in the image. Find another block 31 version that uses the same hash/forge as 32. The first version is deemed impossible due to collision resistance. The other should be difficult, or impossible
The blockchain was designed to make it difficult to forge even one block (more later).
Security of the blockchain’s “chain” portion is determined by the collision resistance of hash
It uses the following function. Someone can generate a different version of block 31 with the following functions. Same hash, the immutability assumptions in blockchain fail and you can’t believe that any of them. Transactions will be kept in the distributed ledger
Read More :: , eBook-Introduction-to-Blockchain-Concepts,