The simplest explanation of blockchain

Blockchain is a decentralized, immutable digital ledger used to record transactions or other data. Its characteristics include: Decentralization: Data is stored on multiple computers. Immutable: Once added, data cannot be changed or deleted. Transparency: All transactions are publicly recorded. Security: Decentralization and verification processes ensure security.

What is blockchain?

Blockchain is a decentralized, immutable digital ledger used to record transactions or other data. It consists of "blocks" linked together, each containing:

• Transaction Data: Recorded transaction details (e.g. amount, time, participation By).
• Block header: Contains other information such as the hash value and timestamp of the previous block.

How does it work?

1. Create transaction: User initiates a transaction, such as sending cryptocurrency.
2. Broadcast transaction: The transaction is broadcast to all nodes in the blockchain network.
3. Verify transaction: The node verifies whether the transaction is valid (for example, whether funds are sufficient).
4. Packaged transaction: The verified transaction is packaged into a new block.
5. Add a block: New blocks are connected to previous blocks to form a chain.
6. Broadcast Block: New blocks are broadcast to every node in the network.
7. Verify block: Nodes verify that the block is valid (i.e., contains the correct hash value).
8. Add to ledger: The verified block is added to the ledger and becomes a permanent record.

Characteristics of Blockchain

• Decentralization: Data is stored on many computers rather than centralized in one in the entity.
• Untamperable: Once added to the blockchain, data cannot be changed or deleted as it is verified by all nodes in the network.
• Transparency: All transactions are publicly recorded and can be viewed by anyone.
• Security: Blockchain is highly secure due to decentralization and verification process.

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