Blockchain is a decentralized technology or distributed ledger on which transactions are anonymously recorded. Which means the transaction ledger is maintained simultaneously across a network of unrelated computers or servers called “nodes”, like a spreadsheet that is duplicated thousands of times across a network of computers.
The ledger contains a continuous and complete record (the “chain”) of all transactions performed which are grouped into blocks
The ledger contains a continuous and complete record (the “chain”) of all transactions performed which are grouped into blocks
A block is only added to the chain if the nodes, which are members in the blockchain network with high levels of computing power, reach consensus on the next ‘valid’ block to be added to the chain. A transaction can only be verified and form part of a candidate block if all the nodes on the network confirm that the transaction is valid.
Related