{"id":24,"date":"2022-12-04T16:15:18","date_gmt":"2022-12-04T16:15:18","guid":{"rendered":"https:\/\/blog.metu.edu.tr\/e243545\/?page_id=24"},"modified":"2022-12-04T17:30:49","modified_gmt":"2022-12-04T17:30:49","slug":"24-2","status":"publish","type":"page","link":"https:\/\/blog.metu.edu.tr\/e243545\/24-2\/","title":{"rendered":"Structure and Design"},"content":{"rendered":"\n<p>A blockchain is a&nbsp;decentralized,&nbsp;distributed, and often public, digital ledger consisting of records called&nbsp;<em>blocks<\/em>&nbsp;that are used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks.&nbsp;This allows the participants to verify and audit transactions independently and relatively inexpensively. A blockchain database is managed autonomously using a&nbsp;peer-to-peer network and a distributed timestamping server. They are&nbsp;authenticated&nbsp;by&nbsp;mass collaboration&nbsp;powered by&nbsp;collective self-interests.&nbsp;Such a design facilitates&nbsp;robust workflow&nbsp;where participants&#8217; uncertainty regarding data security is marginal. The use of a blockchain removes the characteristic of infinite&nbsp;reproducibility from a&nbsp;digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of&nbsp;double-spending. A blockchain has been described as a&nbsp;value-exchange protocol.A blockchain can maintain&nbsp;title rights because, when properly set up to detail the exchange agreement, it provides a record that compels&nbsp;offer and acceptance.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.slideteam.net\/media\/catalog\/product\/cache\/1280x720\/o\/v\/overview_of_blockchain_architecture_blockchain_technology_it_slide01.jpg\" alt=\"\" width=\"825\" height=\"464\" \/><\/figure>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\">Blockchain Architecture explained<\/h2>\n\n\n\n<p class=\"has-text-align-center\">A blockchain is an open financial ledger or record in which every transaction is authenticated and authorized. A blockchain is designed as a decentralized network of millions of computers, commonly referred to as nodes. It\u2019s a distributed database architecture in which each node plays the role of a network administrator who voluntarily joins the network. Since there\u2019s no centralized information in a blockchain architecture, a blockchain is literally impossible to hack.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cryptography<\/strong>&nbsp;\u2014 Blockchain transactions are verified and trustworthy because of complex computations and cryptographic proof between the parties.<\/li>\n\n\n\n<li><strong>Immutability<\/strong>&nbsp;\u2014 Records in a blockchain can\u2019t be modified or deleted.<\/li>\n\n\n\n<li><strong>Provenance<\/strong>&nbsp;\u2014 It\u2019s possible to trace the origin of each transaction in the blockchain ledger.<\/li>\n\n\n\n<li><strong>Decentralization<\/strong>&nbsp;\u2014 Every member of the blockchain structure is able to access the entire distributed database. Unlike in a centralized system, a consensus algorithm is responsible for network management.<\/li>\n\n\n\n<li><strong>Anonymity<\/strong>&nbsp;\u2014 Every member of the blockchain network has a generated address, not a user ID. This preserves the anonymity of users, especially in a public blockchain.<\/li>\n\n\n\n<li><strong>Transparency<\/strong>&nbsp;\u2014 The blockchain system is unlikely to be damaged as it takes enormous computing power to completely rewrite the blockchain network.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>A blockchain is a&nbsp;decentralized,&nbsp;distributed, and often public, digital ledger consisting of records called&nbsp;blocks&nbsp;that are used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks.&nbsp;This allows the participants to verify and audit transactions independently and relatively inexpensively. A blockchain database is managed autonomously [&hellip;]<\/p>\n","protected":false},"author":8259,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-24","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/blog.metu.edu.tr\/e243545\/wp-json\/wp\/v2\/pages\/24","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.metu.edu.tr\/e243545\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blog.metu.edu.tr\/e243545\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blog.metu.edu.tr\/e243545\/wp-json\/wp\/v2\/users\/8259"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.metu.edu.tr\/e243545\/wp-json\/wp\/v2\/comments?post=24"}],"version-history":[{"count":0,"href":"https:\/\/blog.metu.edu.tr\/e243545\/wp-json\/wp\/v2\/pages\/24\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.metu.edu.tr\/e243545\/wp-json\/wp\/v2\/media?parent=24"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}