Public ledger;

A public ledger records all bitcoin transactions and is accessible to everyone who is
associated with the system. It is a 100% transparent system; any transaction that happens is
visible on the public ledger. Once a user joins the blockchain network, he gets a copy of all
the blockchain transactions since its inception, and the first block in a blockchain is called the
genesis block. Though the public ledger is accessible to everyone, only the user's address and
the transaction details are visible to users on the bitcoin network. By looking at the address,
you can't figure out to whom this address belongs, so the identity of the address owner must
be assumed. This protects the blockchain from data tampering because the blockchain is
aware of who is the previous block on the blockchain, and this with the entire blockchain is
created.Even if a hacker tries to hack one block, it would have to change the entire
subsequent chain ahead of this block, which will require a huge amount of computation
power for the hacker in order to make the changes across all the blocks, which is next to
impossible.

What is the blockchain?

There is a lot of underhanded corruption going on these days, which is done by carrying out a lot of
transactions involving black money. Now the record of the data regarding these transactions is saved
somewhere in a database, which we do not consider reliable. This is because the system is
centralised, so nobody has access to the data. On the other hand, the administrator of the data can
make alterations to the transactions at any time. Which is why if we come up with a system that is
decentralised and difficult to change, trust can be built up easily. Blockchain is a decentralised,
secure, and trusted distributed database. It is a distributed ledger that records and shares
transaction details across many nodes that are part of the network so that the data is not modified.
Each transaction that occurs on the blockchain network is distributed across all nodes, and each
participant has the same copy of the ledger. It dates back to the 1990s, but it was actually
implemented in 2009 when Satoshi Nakamoto created bitcoin with the help of blockchain. It is a
ledger whose every single record is its block. It is a chain of these blocks (the records). Now, when a
transaction occurs, its related information is recorded into a block, so, as you see, a transaction
initiated in one corner of the globe can get registered on the block, and then that block is being
verified and validated by the miners of the public ledger and then added to the main blockchain.
Every single block contains some kind of information. A block contains aggregated transactions in a
single block, which a miner has to validate, and in lieu of that, the miner gets rewarded. Now let's
take a closer look at what all the components of a block are. So whenever we talk about a
blockchain, what is actually a block, and what does it consist of? There are four major components.
The first measure is any relevant information, for example, the transaction of bitcoin that shows
from where it is coming and to whom it is going, and the second thing that is stored is the hash.
Hash is a unique fingerprint or a code generated for each block. The third and last thing that is
stored in a block is the previous hash of the prior block. It means every hash of the particular block is
saved in the following block, named as a previous hash, and this is how the chain of the block is
created. And in this chain, the initial block is the block that does not store the previous hash of any
block; it is known as the "genesis block." Through this information, it is easy for anyone to track the
history of the blocks. And that is how it made it easier to keep the information unique, easy to track,
and non-tamperable. A lot of layers of security are implemented here because if someone tries to
change the data of a block, the first thing that is going to change is the hash of that block, which
means a change in the hash of one block will result in an irrelevant and invalid hash in the next
block, and this irrelevancy will continue to the following blocks. It specifies that whenever a change
takes place anywhere in the chain, then all the data next to that particular block will become invalid.

Second, to modify the data of any given block, the entire chain must be changed. So if one says that
he can change the data (hash) of every block, then it is time-consuming. In Bitcoin, it takes at least
10 minutes to change the data of one block, so if there are 10 million blocks, then 200 years will be
needed to alter the data of every block. The time factor is implemented in the proof of work
concept; you must prove that you have utilised at least 10 minutes in order to make changes in a
specific block of blockchain. Third, there is an additional layer of security known as the consensus
rule. This means that because each node in the network has a copy of the blockchain data, it is
impossible to make changes in any one copy because every copy requires modification at the same
time. To do this, one must share the copy with all members who have access to the blockchain to
vote, and if the majority agrees that you should go for an alteration, you can, but if they claim that
you are attempting to tamper with the data, your change will be rejected. In short, voting will decide
whether any change is necessary or not for the blockchain.

As we say in English, don’t fight city hall. It is simply the rule: the passive mood is created
with the helping verb, to be, plus the past participle of the verb to follow. However, I
advise careful use of the passive as it is usually an unnecessary structure and sounds just
terrible in the hands of the untrained. In other words, don’t use it

Each block contains a previous hash of data, which is nothing more than the sum of the transactions
aggregated in the block, as well as a numeric hash of the block itself. Previous hash is the attribute
that connects a block to its previous block, so the previous hash attribute consists of the hash value
of its previous block data, which consists of the details of the sender's address, the receiver's
address, and the transaction amount. So basically, there could be multiple transactions amongst
multiple senders and receivers, so each block will consist of a number of transactions, and each
transaction will have a sender's address, a receiver's address, and a transaction amount. So basically,
bitcoin uses a proof-of-work algorithm, and in order to execute the algorithm, the nonce is a random
value used to vary the output of the hash value. Proof of work is the process of transaction
verification done in the blockchain, and the hash is like a digital fingerprint; it is the fingerprint of the
current block. So the bitcoin network uses the SHA-256 hashing algorithm to generate a 256-bit
hash, and this is the output, which looks something like a hexadecimal value.