Blockchain Block
A Blockchain Block is a data record that confirm when and in what sequence certain blockchain transactions became journaled (as a part of the blockchain database).
- Context:
- It can (typically) be created by a Blockchain Miner.
- It can store a list of transactions or other data, linked to other blocks in the blockchain via a cryptographic hash.
- It can be a data structure that contains a collection of transactions or records permanently recorded in a blockchain network.
- It can include a timestamp and transaction data, which is generally structured as a Merkle tree to efficiently summarize and verify the integrity of the transactions.
- It can connect securely to the previous block via a cryptographic hash, ensuring that once a block is added to the blockchain, its data cannot be altered without affecting all subsequent blocks.
- It can be managed by a peer-to-peer network following a consensus algorithm to validate new blocks, making blockchains secure by design and exhibiting high Byzantine fault tolerance.
- It can vary in structure and size depending on the specific blockchain implementation, such as Bitcoin, which restricts the block size to 1MB to maintain optimal processing speed and network health.
- Example(s):
- In Bitcoin, blocks include transactions, a timestamp, a reference to the previous block (hashPrevBlock), and a unique solution to a cryptographic challenge (nonce).
- Bitcoin Block,
- Ethereum Block,
- ...
- Counter-Example(s):
- See: Distributed Ledger Technology (DLT), Cryptographic Hash Function, Merkle Tree, Consensus Mechanism, Blockchain Transaction, Block Chain System, Bitcoin System.
References
2024
- (ChatGPT-OpenAI, 2024) ⇒ Prompt: Summarize the concept Blockchain Block in 1- 2 paragraphs. ChatGPT (model:gpt-4-turbo-preview). Retrieved: 2024-04-21.
- QUOTE: A blockchain block serves as the fundamental unit of a blockchain network, which is a decentralized digital ledger technology (DLT) that records transactions across multiple computers in a way that ensures security, transparency, and tamper-resistance. Each block in the blockchain contains a certain number of transactions that have been validated by participants in the network, known as miners in a proof-of-work system or validators in a proof-of-stake system. Once a block is filled with transactions, it is cryptographically sealed and linked to the previous block in the chain, hence the term "blockchain." This linkage involves the use of a hash function, creating a chain of blocks that trace the history of all transactions on the network back to the very first (genesis block).
Blocks include important components such as the hash of the previous block, which ensures the integrity of the blockchain by making it extremely difficult to alter any information without detection. They also contain a timestamp, transaction data, and a unique hash of their own. Changing any piece of information within a block would not only require recalculating its hash but also the hashes of all subsequent blocks, which provides the blockchain with its hallmark immutability. This mechanism secures the network against fraud and makes blockchain technology especially valuable for applications requiring a high level of trust, like financial transactions, supply chain management, and secure voting systems.
- QUOTE: A blockchain block serves as the fundamental unit of a blockchain network, which is a decentralized digital ledger technology (DLT) that records transactions across multiple computers in a way that ensures security, transparency, and tamper-resistance. Each block in the blockchain contains a certain number of transactions that have been validated by participants in the network, known as miners in a proof-of-work system or validators in a proof-of-stake system. Once a block is filled with transactions, it is cryptographically sealed and linked to the previous block in the chain, hence the term "blockchain." This linkage involves the use of a hash function, creating a chain of blocks that trace the history of all transactions on the network back to the very first (genesis block).
2015
- (Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/Block_chain_(database)#Basic_principles Retrieved:2015-8-20.
- … A block chain implementation consists of two kinds of records: transactions and blocks. Transactions are the actual data to be stored in the block chain, and blocks are records that confirm when and in what sequence certain transactions became journaled as a part of the block chain database. Transactions are created by participants using the system in the normal course of business (in the case of cryptocurrencies, a transaction is created anytime someone sends cryptocurrency to another), and blocks are created by users known as "miners" who use specialized software or equipment designed specifically to create blocks.
Users of the system create transactions which are loosely passed around from node to node on a best-effort basis. The definition of what constitutes a valid transaction is based on the system implementing the block chain. In most cryptocurrency applications, a valid transaction is one that is properly digitally signed, spends currency units from a known valid wallet, and meets various other requirements such as including a sufficient miner "fee" and/or a certain time elapsed since the currency units were previously involved in a transaction.
Meanwhile, miners attempt to create blocks that confirm and incorporate those transactions into the block chain. In a cryptocurrency system such as bitcoin, miners are incentivized to create blocks in order to collect two types of rewards: a pre-defined per-block award, and fees offered within the transactions themselves, payable to any miner who successfully confirms the transaction.
- … A block chain implementation consists of two kinds of records: transactions and blocks. Transactions are the actual data to be stored in the block chain, and blocks are records that confirm when and in what sequence certain transactions became journaled as a part of the block chain database. Transactions are created by participants using the system in the normal course of business (in the case of cryptocurrencies, a transaction is created anytime someone sends cryptocurrency to another), and blocks are created by users known as "miners" who use specialized software or equipment designed specifically to create blocks.