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Ionixx Blockchain 101 | Mini Lesson 3 | Formation of Blockchain

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Since blockchain allows traceability, security and transparency, its use cases can be explored in areas to improve supply chain management, expedite real-estate transactions and the transfer of deeds, or modernize voting technology. For instance, due to its best-known application as a cryptocurrency, blockchains could be used to provide safe, secure vouchers to help refugees purchase food. In this mini lesson, you will learn and understand the basic constituent elements that lead to the formation of a blockchain.

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Ionixx Blockchain 101 | Mini Lesson 3 | Formation of Blockchain

  1. 1. Blockchain 101 Your Quick Reference Blockchain Primer! Formation of Blockchain
  2. 2. Mini Lesson 3 Formation of Blockchain: A Quick Glance
  3. 3. www.ionixxtech.com 3 Formation of blockchain and Forking A blockchain may be formed by forking a software. Forking refers to: ● Taking a copy of existing software and creating a new version with some variations and additions What is the advantage: Forking a software repository allows one to freely experiment with changes without affecting the original project
  4. 4. www.ionixxtech.com 4 Blockchain Formation The very first block; has all the features of a typical block except that it doesn’t have a link to the previous block’s hash A unique ID that is created every time following the creation of a block (i.e the whole block runs through a hashing mechanism) Previous block hash is added to the next block as a security mechanism 1 2 3 Genesis Block Hash Pointer Hash A hash that points to the hash of the previous block and has a place in the current block; allows us to verify that the previous block of data hasn’t been tampered with
  5. 5. Stay Connected We’d love to hear from you! Please follow this link to receive a detailed ebook on this topic in your inbox.
  6. 6. Thank You !!

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