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What makes blockchains immutable❓
🔹 Blockchain is a distributed database, stored on a large number of computers in the form of a set of identical copies. These copies are constantly synchronized, so that any new records in the database are instantaneously distributed throughout the network. New changes are recorded in a single chain of information blocks.
🔸 The blockchain system is cryptographically protected it means that the user can make new changes to the blockchain only based on his own previous actions. Third party editing would be impossible for them because of the lack of a cryptographic key associated with another user and known only to the latter.
🔹 Therefore, no blockchain record can be raised or changed, because it would respond immediately on all nodes of the network, which is practically impossible. So, once been recorded in the blockchain, data can not be falsified or arbitrarily deleted!
🔸 Yesterday we talked about how the blockchain technology is used in our project. If you didnt read our post yesterday, its time to check it out:
https://medium.com/innovaminex-com/how-are-precious-metals-and-blockchain-related-to-each-other-9467b29155f7🔝
To learn more about InnovaMinex check our website: https://innovaminex.com/enBlockchain is a sequence of blocks with information. Each new block contains a timestamp, information, block index and encrypted using cryptography and information, which is shown to us as the Hash of the previous block.
The ability to synchronize with thousands of nodes around the world creates an environment in which, today, it is impossible to falsify any data.
The precious metals market is one of the first industries in which the blockchain had to be involved. I am glad that your project has appeared in this market. It is a pity that you could not come earlier.
I will gladly follow your project.