What are blocks in blockchain?
In the world of cryptocurrency, a block is a fundamental component that makes up the blockchain. It’s essentially a digital ledger that records transactions and ensures the integrity of the network.
A block typically contains three main components:
- A unique identifier or hash
- A timestamp indicating when the block was created
- A list of transactions, which are verified by nodes on the network before being added to the blockchain
When a new transaction is made, it’s broadcasted to the network and verified by nodes. Once verified, the transaction is combined with other pending transactions in a batch called a block. This process is known as mining.
Mining involves solving complex mathematical problems to validate the transactions within the block. The first node to solve the problem gets to add the new block to the blockchain and is rewarded with cryptocurrency for their efforts.
Blocks are linked together through cryptographic hashes, creating an immutable record of all transactions that have taken place on the network. This decentralized ledger technology has revolutionized the way we think about data storage and security.
For those interested in learning more about blocks in blockchain or exploring other topics related to micro:bit programming, I recommend checking out this online course for a comprehensive introduction.