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how blockchain works step by step
Blockchain technology utilizes a decentralized network of nodes to verify and record transactions in chronological order, creating an immutable and tamper-proof ledger.
Oct 14, 2024 at 12:24 pm
- Foundation Setting: Blockchain technology is structured on a shared, immutable ledger called a blockchain. Each block logs a series of transactions with timestamps and links to preceding blocks, forming a chronological and secure chain.
- Transaction Initiation: When a transaction occurs (e.g., buying a product or transferring funds), it's broadcast to the network.
- Verification and Validation: The transaction is verified by multiple nodes (computers) on the network. They check for the sender's availability of funds, digital signature, and compliance with network rules.
- Block Creation: Verified transactions are grouped into a block by one or more nodes through a process called mining or forging.
- Block Consensus: Nodes on the network reach consensus on the validity of the block. This can be achieved through various consensus mechanisms, such as Proof of Work or Proof of Stake, which ensure the integrity of the blockchain.
- Block Addition: Once consensus is reached, the block is added to the blockchain, and all participating nodes update their copies. Blocks are linked chronologically, with each new block containing a hash of the previous block.
- Transaction Completion: The transaction is now complete and logged permanently on the blockchain, accessible to all nodes.
- Immutable Record: The immutable nature of the blockchain ensures that once a transaction is added to a block, it cannot be altered or reversed. This creates a secure and tamper-proof ledger.
- Network Synchronization: As new blocks are added, all nodes on the network synchronize their copies of the blockchain, maintaining a consistent and up-to-date record.
- Transparency and Auditability: The public and distributed nature of the blockchain allows anyone to view and audit transactions independently, promoting trust and accountability.
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