Distributed information registration technology and DLT technology

Blockchain and DLT Technology

There are different types of DLT platforms, and they all have different ways of working. Blockchain is one of the systems based on the DLT protocol.

Blockchain is one of the most popular types of DLT that exist. In a blockchain network, transaction records are stored in the registry as a chain of blocks.

The blocks of the chain store any type of digital information that is in the database.
In the block chain, digital information forms blocks. A transaction block can contain the time, date, and amount sent by the sender.

Anonymity of the blockchain user

The block may also contain information about the sender. However, in order to preserve the user's anonymity, blockchain technology will not use his real name, but the blockchain will contain a unique "digital signature" that belongs to this member of the blockchain.

To differentiate or synchronize transactions, each block will contain a special identifier known as a hash. This hash function helps to distinguish between all transaction blocks in the registry. Basically, this function includes alphanumeric characters, and each hash function is unique. This means that no one can find any way to change the data in the blockchain.

How does the blockchain work?

There are several blocks in the blockchain that are added to the registration system. There are four stages in which a "block" is added to the blockchain.

First, someone on the network has to make a transaction. Let's say you sent some money to your friend. After the transaction is completed, it must be confirmed. There are various ways to verify a transaction by the blockchain network. It depends mainly on the nodes in this network. The nodes must come to an agreement that the transaction has actually occurred.

The consensus in this network allows the majority of participants to agree that a given transaction will be stored in a block. After your transaction is saved on the network, all information related to this operation is recorded in the block.

However, before you get a place in the data registry, the block receives a unique identifier. This is the identification code for this particular transaction. The block will also contain the hash of the last block to maintain the block chain structure. After adding your transaction to the registry, you will be able to see it on the blockchain network.