Blockchain Technology and Its Components
Blockchain Components Blockchain technology, as previously stated, is characterized by its blocks which are formed into chains, hence the name blockchain. However, blockchain technology is much more complicated than just a collection of blocks and chains. It requires many other components to actually build the block and make sure that they will not be tampered with and will remain safe. Some of these important technologies include cryptographic hash functions, asymmetric-key cryptography, and ledgers [ 1 ] . The first main component of blockchain technology is the cryptographic hash functions. This is applied to data in a method called hashing. Hashing is a method used to calculate a unique output for an input of any size. The data is encrypted into a secure format which is unreadable unless the recipient has the keys. This allows individuals to take input data and hash the data to derive the same results. This proves that there has been no change to the data [ 1...