Blockchain is the technology behind Bitcoin and other cryptocurrencies. Blockchain is a type of database that stores transactions. To be able to understand blockchain, it helps to first understand what a database actually is.
A database is a collection of information that is stored electronically on a computer system. Information, or data, in database systems is typically structured in table format to allow for easier searching and filtering for specific information. What is the difference between someone using a spreadsheet
Databases are designed to have multiple users work off the same data structure, but each of them sees only the part of the data that they need, and each of them can access, filter, and manipulate the data as needed.
Most large databases are hosted on servers that are made from powerful computers. These servers are often built using hundreds or thousands of computers in order to have the computational power and storage capacity necessary to house data for many users to access at the same time.
While a spreadsheet may be accessible to any number of people, that doesn’t mean that it’s not owned by a business or managed by an appointed individual.
Is Blockchain Secure?
Blockchain technology aims to create new blocks in a new way, namely by creating a chain of information blocks that is stored in an understandable and chronological order. The chain is always added to the end of the blockchain.
After a block has been added to the end of the blockchain, it’s very difficult to go back and alter the contents of the block. It is a secure digital ledger that is virtually impossible to crack. The records in a blockchain are protected by cryptography, and each block contains its own hash, along with the hash of the block before it, as well as the previously mentioned time stamp.
If they were to alter their own single copy, it would no longer align with everyone else’s copy. To put it another way, if someone tries to steal Bitcoin from everyone else, it would ruin their efforts because of how the blockchain is designed. When every participant in the system holds a copy of the blockchain, then they all get to compare that version against other copies. The hacker’s version would stick out like a sore thumb, since it varies so much from everyone else’s.
To successfully attack a blockchain, a hacker would need to control more than half the network’s computing power. Such an attack would require immense financial resources and computing power.
Due to the size of Bitcoin’s network and how fast it is growing, the cost to pull off such a feat would probably be insurmountable. A feat like that would not go unnoticed, as network members would see such drastic alterations to the blockchain. The network members would then fork off to a new version of the chain that has not been affected.
This means that someone would have to purchase and control large amounts of BTC if they want to make an attack profitable. If the attacker owns a large amount of BTC, attacking BTC would be pointless as their holdings would increase in value after.
Is Coinigy Provide Blockchain service?
Coinigy provides a unified, all-encompassing access point for cryptocurrency-related data. Coinigy is the platform to have the best and real-time data on cryptocurrencies from thousands of different sources. There are various types of data that is offered on it. For more information about coinigy, you should check coinigy review.
