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How Blockchain Works

Did you know how blockchain work? Let's learn the key insights to easily understand how blockchain technology works. Maybe this will encourage you to think more about building your own blockchain solution. Also Understanding the blockchain architecture and its process.

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How Blockchain Works

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  1. HOW BLOCKCHAIN WORKS @blockchainxtech Blockchain Community

  2. TRANSACTION Two parties, A and B, decide to exchange a unit of value (digital currency or a digital representationof someotherasset,suchaslandtitle,birthcertification or education degree) and initiate thetransaction A B

  3. BLOCK The transaction is packaged with otherpending transactions thereby creating a “block.” The blockis sent to the blockchain system’s network of participating computers

  4. VERIFICATION The participating computers (called “miners” in the blockchain) evaluate the transactions andthrough mathematical calculations determine whether they are valid, based on agreed-upon rules. When “consensus” has been achieved, typically among 51% of participating computers, the transactions are consideredverification.

  5. HASH Each verified block of transactions is time-stamped with a cryptographic hash. Each block also containsa reference to the previous block’s hash, thus creating a “chain” of records that cannot be falsified expectby convincing participating computers that the tampered data in one block and all prior blocks is true. Sucha feat is consideredimpossible.

  6. EXECUTION The unit of value moves from the account of party A to the account of partyB. B A

  7. THANK YOU FOR READING @blockchainxtech BlockchainCommunity

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