Blockchain uses different timestamp schemes

Public key cryptography are among the security methods of the blockchain

by Lorenzo Ciotti
Blockchain uses different timestamp schemes
© Dan Kitwood / Staff Getty Images News

The blockchain uses different timestamp schemes to serialize changes. The growth of the decentralized blockchain goes hand in hand with the risk of centralizing nodes, because the IT resources required to operate and manage ever larger data become increasingly expensive.

In fact, many miner nodes aggregate into pools to be able to complete blocks and obtain cryptocurrencies. Transactions are grouped into blocks of the blockchain and the number of transactions within each of these blocks varies based on the size of the transaction itself.

Instead, the size of the transaction varies according to the number of inputs and outputs of the same. A block is made up of two main parts: the header and the body. The transactions are enclosed in the body of the block and in the header there are seven fields for managing the block itself.

The characteristics that the systems developed with blockchain and distributed ledger technologies have in common are: data digitization, decentralization, disintermediation, transfer traceability, transparency/verifiability, register immutability and transfer programmability.

Blockchain in-depth

The decentralized blockchain leverages ad hoc message passing and distributed networking to have data stored throughout its network and avoid having a single point of failure so there is no centralization that crackers could exploit to take down the whole system.

Among the security methods of the blockchain there is also public key cryptography. The public key is an address on the blockchain. Value tokens sent over the network are recorded as belonging to this address. Instead, the private key is like a password that allows its owner to access his digital resources or to interact with the various functions of the blockchain.

Data saved on the blockchain is considered incorruptible. Each node or miner in the decentralized system has a copy of the blockchain: in fact, data quality is maintained thanks to massive database replication. There is no centralized official copy and no user is more credible than others, all are at the same credential level.

I would like to recall also permissioned blockchains use an access control layer to control who accesses the network. They are therefore characterized by network access restricted to a few authorized participants and by a validation process delegated to a small group of players.

Contrary to open blockchains, block validators in private blockchains are controlled by the network owners. Private blockchains are essentially divided into two types: Consortium Blockchains and Fully Private Blockchains.