The operational steps of blockchain include

Blockchain is a distributed ledger technology used to record digital asset transactions, known for its transparency, security and immutability. Its operational steps include: transaction initiation miner verification transaction transaction grouping block encryption block link consensus mechanism consensus block broadcast block added to ledger transaction confirmation immutable record

blockchain operation steps

Blockchain is a distributed ledger technology used to record transactions of digital assets. It is known for its transparency, security and immutability. The following are the steps of blockchain operation:

1. Transaction Initiation
When a user makes a transaction, it will be broadcast to the blockchain network.

2. Miners verify transactions
Miners are the ones who verify and package transactions. They ensure that transactions are valid and are not double-spended.

3. Transaction Grouping
Verified transactions are grouped into a container called a block.

4. Block Encryption
Blocks are encrypted into a string of characters, called a hash value. The hash value is the unique identifier of the block.

5. Block Chaining
New blocks are linked to the hash of the previous block, forming an immutable chain.

6. Consensus Mechanism
Miners agree on the validity of blocks through a consensus mechanism such as Proof of Work or Proof of Stake.

7. Block Broadcast
Verified blocks are broadcast to all nodes in the network.

8. Block added to ledger
All nodes add new blocks to their respective ledgers.

9. Transaction Confirmation
A transaction is considered confirmed when a block is added to the ledger of a majority of nodes.

10. Immutable Records
Once a block is added to the blockchain, it will exist forever, so the transaction record is immutable.

By following these steps, blockchain creates a decentralized, secure and transparent system for recording transactions of all types of digital assets.

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