How Blockchain Works

How Blockchain Works?

Blockchain is a shared and decentralized digital ledger used to record transactions and other important data. It functions as a digital public spreadsheet that is updated and verified by a network of computers.

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Individual transactions are recorded in blocks, which are then added to the chain of blocks, forming a continuous chain of information. Each block contains a unique cryptographic hash that makes it immutable and impossible to alter.

All transactions on the blockchain are verified by a network of users, making the blockchain highly secure and resistant to fraud. Furthermore, the decentralization of the blockchain means that it is not controlled by a single entity, making it more reliable and transparent.

Each node in the network holds a complete copy of the blockchain, which means that all information recorded on the network is public and accessible to all users. This enables the blockchain to be used for a wide range of applications, from financial transactions to electronic voting and data storage.

One of the key advantages of blockchain is that it can be used to create smart contracts, which are self-executing computer programs that automatically run when certain conditions are met. This makes blockchain a powerful platform for process automation and the creation of decentralized applications.

While blockchain is a relatively new technology, it is already being widely adopted worldwide and may have a significant impact on many different industries in the coming years.

By Sonica W3 Learning Center

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