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What is blockchain? How does it work?

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Jul 17, 2024 pm 05:24 PM

Blockchain

Blockchain is a distributed, non-tamperable digital ledger used to record transactions and works through the following steps: Transaction initiation: The user initiates a transaction and the transaction is broadcast to network nodes. Transaction verification: The miner node verifies the validity of the transaction. Block Creation: Verified transactions are packaged into blocks and contain the hash of the previous block. Block Broadcast: Miners broadcast created blocks to other nodes. Consensus mechanism: nodes reach consensus on blocks. Block is added to the chain: After consensus is reached, the block is permanently added to the blockchain.

What is blockchain? How does it work?

What is blockchain?

Blockchain is a distributed, immutable digital ledger used to record transactions. It consists of a series of interconnected blocks, each block containing multiple transactions as well as information about the previous block.

How does blockchain work?

Transaction Initiation: When a user initiates a transaction on the blockchain network, the transaction will be broadcast to all nodes in the network.
Transaction Verification: Miner nodes in the network verify whether the transaction is valid, such as the transaction amount and the sender's balance.
Block Creation: Verified transactions will be packaged into a block. The block also contains the hash of the previous block, making it a link in the chain.
Block Broadcast: Miners broadcast created blocks to other nodes in the network.
Consensus Mechanism: Nodes in the network use consensus mechanisms such as Proof of Work or Proof of Stake to reach consensus on blocks.
Block added to the chain: Once consensus is reached, the block will be added to the blockchain, becoming a permanent record.

Key features of blockchain:

Distributed: Transaction records are stored on all nodes in the network instead of centralized servers.
Immutable: Once a block is added to the chain, its content cannot be changed as this would break the hash chain.
Transparency: All transactions on the blockchain are publicly visible and anyone can view them.
Security: Blockchain uses cryptography to ensure the security of transactions, making them nearly impossible to hack or commit fraud.

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