Blockchain technology was made popular single-handedly by cryptocurrencies like Bitcoin and Ether in recent years. But its application in securing digital assets, including cryptocurrencies, certificates, signatures, and other such notable genres, makes it the technology of the future. The robust nature and optimum security of blockchain data encryption have operations in global supply chains, finances, government, and the public sector, etc.
The blockchain concept is basically an electronic row of tied and proven data. Blockchain data validation is simple and secure because it is tamper-proof and can be instantly updated online.
Blockchain is a distributed ledger. To ensure security and inaccessibility from outside sources, it has many security measures against locking data blocks. Let’s delve in-depth into how a block of data on a blockchain gets locked.
How Does a Block of Data on a Blockchain Get Locked?
On a blockchain, each block of data is cryptographically hashed and linked to the former block to ensure stability and security. Once a block of data is added to the chain, there is no going back! You cannot alter or remove a block of data without invalidating the entire chain.
To achieve unbreakable security, blockchain technology and smart contracts are used to lock and unlock data blocks. Smart locks in blockchain utilise decentralized technology to increase security measures.
So basically, the locking of a block of data utilises both decentralised technology and smart contracts to achieve security and efficiency in the locking-unlocking functions.
Let’s Explore the Different Locking Mechanisms in Blockchain
Hash Function
Just like Earth’s core, the blockchain security core is made up of cryptographic hash functions. In academic language, the hash function is a mathematical formula that converts any-size data into a fixed string of characters. The hash rate (measured in hashes per second, H/s), another important term, calculates the speed at which a system can perform this operation.
The hash function ensures that any changes to the block data require re-calculation, thus affecting the previous chain. This displays the security of the blockchain – once the data is added to the block, it is immediately locked and cannot be altered.
Proof of Work (PoW) and Proof of Stake (PoS)
Blockchain technology uses consensus mechanisms like Proof of Work (PoW) and Proof of Stake (PoS) to verify and add new blocks to the chain. The blocks do not sit ideal, they enter a consensus mechanism. Within this mechanism, all the miners need to agree on the entry and the genuineness of the new block. Different blockchains utilize various methods for voting, like majority agreement or puzzle solving.
Timestamps and Merkle Trees
To showcase which block is created when every block in a blockchain has a timestamp. Also, all transactions within a block are arranged hierarchically, using a Merkle tree structure. This combination of a timestamp and Merkle tree is used to lock the data with the block. This adds to the security and reliability and provides an ordered ledger.
Cryptographic Keys
Blockchain is popular in different sectors globally due to its security and reliability. Today, when cybercrimes are using AI to gain access to personal and organizational data easily, blockchain technology can be utilized for maximum security.
Blockchain technology utilizes digital signatures and cryptographic keys to give ownership and security of transactions. Private keys are used to sign every transaction, and the matching public key is used to verify. These cryptographic keys add a layer of protection when it comes to locking data on a blockchain.
Consensus Verification
Nodes, which are essentially devices like computers that are used to run the blockchain software, are an important part of data locking in the blockchain. The nodes in the network verify each block before adding it to the blockchain. Again majority comes into play here; a majority of the nodes must agree to the validity of the block. Only then, the block can be added. This step adds to the legitimacy and security of the blockchain, thus making it a vital step in data locking on a blockchain.
Blockchain Technology Data Validation: The Future of Online Security
Concluding what we have learned till now, blockchain technology is a decentralized ledger that is widely used to conduct transactions, deals, and store data. Every member of the blockchain network has the latest copy of the encrypted ledger to verify any new transaction.
In this blog, I have explained in layman’s terms how a block of data on a blockchain gets locked. This is important to know before you can understand the use cases of blockchain for personal or professional data. The decentralized nature of blockchain technology does not allow for any single form of failure. This reduces the risk of data tampering and prevents any unauthorized access, making it the ultimate solution for reducing the blow of cybercrimes on a global scale.
