Immutable Ledger

All sources are from [Blockchain A-Z in Udemy]

Immutable Ledger ( 불변 원장 )

Let's start with an example when we buy a house. Whether you have money in cash or in the bank, you need money to buy a house.

If we paid for a house, how can I prove that I got this house?

If you go into any house and insist that it's your home, it doesn't become your home.

When we buy a house, we get a certificate of real estate rights in exchange for money. The name is slightly different, but I will go to a public institution to show the certificate and register the ownership.

It's a very condensed process, but the key is that ownership will be registered and recorded.

What if the ledger with this record is missing or manipulated? Then my house will not be my house.

Because I live physically, the people next door will think of me as the landlord, but my legal ownership has evaporated because my name has been deleted from the ledger.

At this time, blockchain technology appears. When all ownership and houses are bought and sold, a new block is added to this chain.

Every time a transaction will occur in this blockchain. Buying a house is like adding a new transaction.

If someone tries to change the data in a particular block, the hash in that block changes.

This means that the encryption link is no longer working, because the hash here is different from the hash previously recorded in the block.

For this reason, it is virtually impossible to change the record, which is why it is called an immutable ledger.