The Secrets Behind Blockchain Technology

3 min readApr 3, 2022

The 4 secrets that make blockchain a revolution

Hello everyone, this is Ben from Crypto-addicts. I’m thrilled to be back with you for another video! As you know, blockchain is a great and revolutionary technology. It is about to change many aspects of our lives and its success is building day by day, not only with the market and profit opportunities, but also with its features. So, today I propose to take a break from the market to talk about the secrets that surround the Blockchain technology and that contribute to its success.

Blockchain is the structure that supports the basis of the distributed ledger. Through its entanglement of cryptographic processes, the Blockchain allows two individuals — without physical contact and without knowing each other’s identity — to conduct transactions based on trust.

You often hear about trading and markets and you may be an expert on the subject, but do you really know the product you are trading? Its secrets, its inner workings?

Here are the 4 secret principles that make up the Blockchain technology and that make it successful.

1. The immutable register

The registry is the visible part of the blockchain, it shows all the exchanges of values that are made on the blockchain.

After verification, all these exchanges are recorded in the form of blocks with a unique timestamp, all this in a permanent and unchangeable way. This chronological data chain is then recorded by all participants, which makes it unfalsifiable and allows anyone to trace the path of a coin from its creation to its arrival on your wallet.

2. Smart Contracts

In addition to the transaction itself, the blockchain contains what are called smart contracts. The purpose of smart contracts is to provide an element of trust (trust between 2 people). We also say a “trusted third party”.

These are programs whose only purpose is to legally bind those who participate in them. To be clear, these are lines of code written in the programming language Solidity (for the Ethereum blockchain).

This code is compiled into “bytecode” and deployed in the blockchain as a smart contract. The introduction of smart contracts eliminates the need for lots of paperwork and complicated rules to understand. You could say that smart contracts are the digital version of traditional contracts.

3. Confidentiality

Thanks to the various cryptographic processes that make up the blockchain, transactions and personal data of participants can be processed separately from each other and thus allow for perfect confidentiality.

4. Verification by consensus

Transactions are passed through market participants, who act independently of each other. As a rule, this only takes a few minutes.

How exactly does this consensus work?

When two participants have reached an agreement, a transaction is triggered.

A block containing this transaction is created.

This block is automatically communicated to all members of the network.

The transaction is then verified by a group of network members. (the miners or validators)

Once the transaction has been verified by a certain number of network members (the number required for validation is determined in advance), the block can be inserted into the chain. This creates an immutable and permanent record of the transaction.

As you can see, the Blockchain offers much more than just a decentralized and secure payment solution. Since all transactions are fully recorded, you can check the status of any value on the blockchain at any time.