Blockchain technology provides and ensures decentralized security and trust in various ways.
- New blocks are continuously recorded in a linear and chronological order for beginnings. They are continually being added to the “end” of the blockchain.
- Changing the contents of a block/transaction after it has been appended to the end of the blockchain is extremely difficult unless most of the network agrees to do so.
- Each block has its hash and its hash before it and the mentioned time stamp. If digital data is altered, a mathematical procedure turns it into a string of numbers and letters, resulting in hash codes.
Assume a hacker who also maintains a blockchain node wants to alter a blockchain and steal cryptocurrency from everyone else. Their single copy of the chain would no longer match the composition of everyone else if they changed it.
This one will stand out when everyone compares their blockchain copies, and the hacker’s version of the chain will be thrown/marked out as illegitimate.