List and explain the generic elements of Blockchain.

Generic Elements of a Blockchain:

The structure of a generic blockchain consists of the following core elements. These elements are common across most blockchain platforms and define how blockchain works:


1. Address:

  • An address is a unique identifier in the blockchain used to identify participants.
  • It is used to denote the sender and recipient in a transaction.
  • Technically, an address is usually a public key or is derived from a public key using cryptographic hashing.

2. Transaction:

  • A transaction is the basic unit of a blockchain.
  • It represents a transfer of value from one address to another.
  • Transactions are recorded in blocks and are cryptographically signed to ensure integrity and authenticity.

3. Block:

  • A block is a container of transactions.
  • It consists of two parts:
    • Block Header
    • Block Body (contains the list of transactions)

Block Components:

a. Previous Block Hash:
  • Each block contains a reference to the previous block (except the genesis block).
  • This reference is stored as the hash of the previous block’s header.
  • It ensures linking between blocks to form a chain (hence, “blockchain”).
b. Genesis Block:
  • It is the first block of the blockchain.
  • Hardcoded at the time the blockchain is launched.
  • It does not reference any previous block.
c. Nonce:
  • A nonce is a number used only once.
  • Used in Proof-of-Work (PoW) and for replay protection.
  • It ensures that mining a block requires effort, providing security.
d. Timestamp:
  • Represents the creation time of the block.
  • Used to order transactions and blocks over time.
e. Merkle Root:
  • A single hash representing all transactions in the block.
  • Built using a Merkle Tree, which is a binary tree of hashes.
  • Merkle Root ensures efficient verification of all transactions in a block.
  • Verifying the Merkle root is enough to verify the integrity of all transactions.

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