In spite of its obvious complication, a blockchain is just another kind of database for recording transactions – one that is copied to all of the machines in a participating network. Data in the blockchain is saved in constant structures named ‘blocks’. The major components of a block are:
– The header, which contains metadata, such as the reference number of block , the time the block was generated and a link back to the previous block.
– The content, regularly a confirmed list of digital assets and instruction records, such as transactions made, their amounts and the addresses of the individuals to those transactions.
From the latest block, you can possibly access all earlier blocks linked together in the chain, so a blockchain database holds the entire history of all assets and instructions performed since the very first one – making its data valid and independently auditable.
Because the number of members increases every day, it becomes harder for malicious participants to overcome the verification activities of the majority.