Blockchain and its principles:

  • The nodes consist of the servers or computers of each participant, scattered all over the world and in each of which there is an exact copy of the data record.

    Each transaction, before it is completed and recorded, must be validated and confirmed by all nodes.

  • The transaction consists of the data subject to the exchange that occurred between two participants in the network The components of the transaction

    The authenticity and trustworthiness of each transaction is guaranteed by the use of a private key, which each member of the blockchain possesses, that is unique, secret and uniquely linked to individual participants. This key, through cryptography, generates a signature that cannot be copied or reused in other transactions that is sent to all the nodes scattered around the world that act as validators,

    There are many types of transactions that can be handled with the blockchain: one example is payments and money transfer, as in the case of Bitcoin, but there can also be transactions related to the exchange of other goods or services or information related to contracting.

  • Blocks are groupings of sets of transactions; joining multiple blocks together in chronological order based on the date on which the transactions occurred gives rise to the blockchain.

  • The ledger is the public ledger that transparently and immutably stores and guards the history of all transactions that occurred between network participants, a concatenated block structure joined through cryptographic functions and through hashes

  • Hash is a cryptographic function that consists of a mathematical algorithm that converts a string containing a variable number of characters of any size into one of specified length, that is, with a fixed amount of characters.

    This cryptographic functionpermits the unique identification of each piece of data and each transaction block, used both for security management and for fast and accurate verification of data integrity, regardless of its complexity.

    to validate and add a block, a complex mathematical problem must be solved that requires a substantial amount of effort, especially in terms of processing power and capacity.

  • Miners, who are precisely the members or nodes of the network with high levels of computational power, compete to solve mathematical problems and validate transactions.

    The miner receives remuneration with a unit of value that depends on the type of blockchain