Nt1330 Unit 3 Assignment 1

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How can we be assured that the data in the register will be secure?

I want you to think for a while. What does transferring money mean? Will we always be dependent upon the third party to transact? OR
Is it possible to maintain register among ourselves without needing banks or third party?

You've guessed it correct. The Blockchain is the answer to this question. It is a method that allows us to maintain that register among ourselves without having to depend upon a third party to do it for us. Confused or Interested? Hang in there. We're getting closer to solving the mystery of Blockchain.

How does it work?

This process requires you to form a group with a minimum of three people, who are willing to give up on the third …show more content…
These 20 individuals will keep on adding pages to the currently empty folders as they progress. This collection of pages will create the register that tracks all the transactions.

2. Making the transactions

Everybody will start with a blank page to record all the transactions that happen within the network.

Now #3 wants to send $10 to #9.

To make the transaction #3 announces by saying " I want to transfer $10 to #9." Everyone else checks whether #3 has enough balance to transfer $10 to #9. If #3 has enough balance to transfer $10 to #9, everyone records the transaction by adding notes to their blank pages.

Note: Every member of the network records every transaction that happens within the network.
The transaction is now complete.

3. More Transactions

More people in the network start transferring money to each other. They follow the same process and announce to everyone else. Everyone then records the transaction on their pages as soon as they hear the announcement.

This activity continues until everyone runs out of space. For our example, let's assume that the page has the space to record 20 transactions. Everyone one will run out of space as soon as they record the 20th
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