Blockchaining

• Cryptocurrency makes use of blockchaining which is a decentralised database; when a transaction takes place, all networked computers get a copy of it, removing security risks such as hacking
• When a new transaction occurs, a new block is created. This block contains data, a new hash value and a previous hash value pointing to the preceding block
• The hash value is unique to each block and includes a timestamp, which identifies when the creation of the block occurred. The first block is called the genesis block
• If a block has been accessed illegally, it’s hash value will change, breaking its link to all the following blocks.
• A proof-of-work is used to prevent high speed crunching from altering all the block has values by a cybercriminal. This takes ten minutes and prevents cyberattacks
• Cryptocurrency is policed by miners which are special network users who get a commission for each new block created