Blockchain technology is a decentralized, distributed ledger that records transactions in a secure and transparent way. Here’s how it works:
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Distributed network: A blockchain network consists of multiple nodes or computers that work together to validate and record transactions. These nodes can be located anywhere in the world and communicate with each other to maintain a shared ledger.
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Blocks: Transactions are grouped together in blocks, which are then added to the blockchain in a sequential and chronological order. Each block contains a unique code, called a “hash,” which is generated by the network’s cryptographic algorithms.
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Validation: Before a block can be added to the blockchain, it must be validated by the network. This is done by a process called “consensus,” in which the network’s nodes agree that the transactions in the block are legitimate.
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Immutable ledger: Once a block is added to the blockchain, it cannot be altered or deleted. This makes the ledger immutable and transparent, as anyone can view the contents of the blockchain at any time.
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Smart contracts: Blockchain technology also allows for the creation of “smart contracts,” which are self-executing agreements between parties. Smart contracts can be programmed to automatically execute when certain conditions are met, and are stored on the blockchain for transparency and immutability.
Overall, blockchain technology offers a secure, transparent, and decentralized way to record and transfer information and value.
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