WHAT IS BLOCKCHAIN

Blockchain helps to first understand what a database really is. A database may be a collection of data stored on a computer during a computing system. The data, or data, in the database, are usually organized in a table format to allow easy search and filtering of specific information. What is the difference between a person using a spreadsheet to store information rather than a database?

Spreadsheets are designed for one person, or a little group of individuals, to store and access a limited amount of data. In contrast, the database is designed to capture the largest amount of information that can be accessed, sorted, and used quickly and easily by any number of users at once.

Big data gains this with housing details on servers made by powerful computers servers can sometimes be built using hundreds or thousands of computers to have the computational power and storage capacity required for multiple users to access the database simultaneously. While a spreadsheet or database can be accessed by any number of people, it is usually owned by a business and owned by a designated person who has complete control over how it handles data.

BLOCKCHAIN TECHNOLOGY

Blockchain technology handles security and trust issues in a number of ways. First, new blocks are always kept in order and in chronological order. That is, they are always unheard of in the "end" of the blockchain. If you look at the Bitcoin blockchain, you will see that each block has a position in the chain, called "height." As of November 2020, the height of the block had reached 656,197 blocks to date.

After a block is added to the end of the blockchain, it is very difficult to go back and change the contents of the block unless the majority has reached an agreement to do so. That’s because each block contains its own hash, with a block hash in front of it, and a timestamp mentioned earlier. If that information is organized in any way, the hash code changes as well.

Here's why it's important for security. Suppose a criminal wants to change the blockchain and steal Bitcoin from everyone else. If they were to change one copy, they would not be able to keep everyone's copy. When everyone turned their backs on each other, they would see this one copy stand out and that the hacker version of the chain would be discarded as illegal.

Succeeding at such hacking would require the criminal to simultaneously control and modify 51% of the blockchain copies so that their new copy would be a duplicate copy and thus, the agreed chain. Such an attack also will require an outsized amount of cash and resources as they're going to got to redo all the blocks as they're going to now have different time stamps and hash codes.

Due to the size of the Bitcoin network and how fast it is growing, the cost of releasing such a feat is probably insurmountable. This will not only be expensive, but it may also be fruitless. Doing such a thing wouldn't be obvious, as network members would see such a drastic change within the blockchain. Network members then resume the new version of the unaffected chain.

This could result in a downward spiral of the Bitcoin type declining, making the attack more meaningless as the bad character is in possession of useless assets. The same can happen when a bad character attacks a new Bitcoin fork. It is designed in such a way that participation in the network is more economically encouraged than attacked.