How does the blockchain function?
Megha
Last Update 3 tahun yang lalu
In simple words, blockchain works through a multistep process that goes like this:
- A transaction is entered by an authorized participant and must be authenticated by the technology.
- This action generates a block that represents the transaction or data in question.
- Every computer node in the network receives the block.
- The transaction is verified by authorized nodes, who then add the block to the existing blockchain. (Miners are nodes in public blockchain networks who get rewarded for their labor, which is commonly done through a procedure known as Proof of Work, or PoW, and is usually done in the form of cryptocurrency.)
- The transaction is completed when the update is delivered across the network.