What are hash algorithms and their role in blockchain?

What are hash algorithms and their role in blockchain?

Hash algorithms are cryptographic functions that convert input data into a fixed-size string of characters, which is typically a hash value. In blockchain, they ensure data integrity and security by linking blocks together.

Can you explain how hashing helps in securing transactions?

Certainly! Hashing secures transactions by creating a unique hash for each transaction. If any data is altered, the hash changes, making it easy to detect tampering.

What happens if two different inputs produce the same hash?

This scenario is known as a hash collision. While it's theoretically possible, good hash algorithms are designed to minimize this risk, ensuring that each unique input produces a unique hash.

Are there different types of hash algorithms used in blockchain?

Yes, there are several types, including SHA-256, which is used by Bitcoin, and Ethash, used by Ethereum. Each has its own characteristics and use cases.