HOW BLOCKCHAIN WORKS?


Blockchain works via multiple process that happens us follows in simple terms.
  1. An authorized participant inputs or initiate a transaction which must be authenticated by technology.
  2. The above action creates a block that represents specific transaction data example sender and receiver addresses and amount of coins that are sent
  3. The block is sent to every computer node in the network.
  4. Authorized nodes verify the transaction and add block to existing blockchain .
    In public networks Nodes are referred as miners they are typically paid for this task.
    Often are Depending on the consencus mechanisms that particular blockchain uses that can be proof of work or proof of stake.
  5. The record is distributed across the network which finalizes the network
forex major Currencies