How does blockchain technology work?

[XKUBI]

Blockchain technology is a decentralized and distributed ledger system that enables secure and transparent record-keeping. It was originally designed to support cryptocurrencies like Bitcoin, but its applications have since expanded to various industries. Here's a simplified explanation of how blockchain technology works:

1. Decentralization:
   • Traditional databases are centralized, meaning they are stored on a single server or a small number of servers. In contrast, a blockchain is decentralized and distributed across a network of computers (nodes).
   • Each node on the network has a copy of the entire blockchain.

 

[Suba]

Blockchain is a ledger that is distributed to many computers in the same network, blockchain also records transaction data in one block. The genesis block is the first block in a blockchain and each new block will be recorded at the end of the chain, so that each block will always be connected by the chain.