Learn more about how blockchain works

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Learn more about how blockchain works and see it in action within the diamond industry, which has been plagued by fraud, theft, and controversy.

How Does Blockchain Work?

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The whole point of using a blockchain is to let people — in particular, people who don't trust one another — share valuable data in a secure, tamperproof way.
— MIT Technology Review

Blockchain consists of three important concepts: blocks, nodes, and miners.

Blocks

Every chain consists of multiple blocks and each block has three basic elements:

• The data in the block.
• A 32-bit whole number called a nonce. The nonce is randomly generated when a block is created, which then generates a block header hash. 
• The hash is a 256-bit number wedded to the nonce. It must start with a huge number of zeroes (i.e., be extremely small).

When the first block of a chain is created, a nonce generates the cryptographic hash. The data in the block is considered signed and forever tied to the nonce and hash unless it is mined.  Read more...