Block

Block is the structure of data that is used in blockchain systems. As the name suggests, the blockchain system consists of a chain order of blocks. The cryptocurrencies exist with this structure using blocks. The block has all of the previous data since the launch of that block’s cryptocurrency because of the chain system.

If you want to learn Blockchain before blocks, go to the related article.

Usage of Blocks

The information of transactions is stored in these blocks. Then this information is encrypted by using hashes to secure the data. Once the block is sealed and encrypted, the data inside the block can not change.

Every transaction that occurs in the blockchain system is protected and validated because of the hashes of the blocks. Each block starts with the hash header of the previous block. This makes all of the blocks link to each other.

The block hash is used for identifying the block. Miners in the cryptocurrency community try to find the solution for the hash value to validate the next block. Miners are doing this because the system rewards these miners by producing a particular cryptocurrency to validate the block.

The Component of Blocks

In the block’s structure, depending on the block, these components may exist.

• Block Header: It is the information about the block. The Block header is the summary of the block with the metadata.
• Blocksize: It is the size limit of the block which determines the amount of data that block will store.
• Transactions: It is all transactions that occurred in the block
• Magic Number: The block’s identity number contains unique values for that block.

What is in the Block Header?

Information about the block has its components too. Examples from these elements are:

• The previous block’s hash: This element connects blocks as chains. The next block will also have the current block’s hash at its start.
• Timestamp: This element marks the time that block was mined.
• The Nonce: The nonce stands for the “number that can only be used once”. In the proof of work system, miners try to find the nonce of that block to get rewarded.