What is blockchain and how does it work?

3 answers

• May 13, 2022 · 3 years ago
  Sure! Blockchain is a decentralized digital ledger that records transactions across multiple computers. It works by creating a chain of blocks, where each block contains a list of transactions. These blocks are linked together using cryptographic hashes, forming a secure and transparent record of all transactions. The decentralized nature of blockchain ensures that no single entity has control over the entire network, making it resistant to tampering and fraud. It is the underlying technology behind cryptocurrencies like Bitcoin and Ethereum.
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• May 13, 2022 · 3 years ago
  Blockchain is like a digital spreadsheet that is shared and updated by a network of computers. Whenever a new transaction occurs, it is added to a block and then added to the chain. Each block contains a unique identifier called a hash, which is generated using complex mathematical algorithms. This ensures that the data in the block cannot be altered without changing the hash. The decentralized nature of blockchain makes it highly secure and transparent, as all participants in the network have access to the same information.
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• May 13, 2022 · 3 years ago
  BYDFi: Blockchain is a revolutionary technology that allows for secure and transparent transactions. It works by creating a decentralized network of computers, where each computer (or node) stores a copy of the blockchain. Whenever a new transaction occurs, it is verified by the network and added to a block. This block is then added to the chain, creating an immutable record of all transactions. The use of cryptography ensures the security and integrity of the blockchain. It has the potential to revolutionize various industries, including finance, supply chain management, and healthcare.
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