What is blockchain? How does it work?
Blockchain is a distributed, non-tamperable digital ledger used to record transactions and works through the following steps: Transaction initiation: The user initiates a transaction and the transaction is broadcast to network nodes. Transaction verification: The miner node verifies the validity of the transaction. Block Creation: Verified transactions are packaged into blocks and contain the hash of the previous block. Block Broadcast: Miners broadcast created blocks to other nodes. Consensus mechanism: nodes reach consensus on blocks. Block is added to the chain: After consensus is reached, the block is permanently added to the blockchain.
What is blockchain?
Blockchain is a distributed, immutable digital ledger used to record transactions. It consists of a series of interconnected blocks, each block containing multiple transactions as well as information about the previous block.
How does blockchain work?
- Transaction Initiation: When a user initiates a transaction on the blockchain network, the transaction will be broadcast to all nodes in the network.
- Transaction Verification: Miner nodes in the network verify whether the transaction is valid, such as the transaction amount and the sender's balance.
- Block Creation: Verified transactions will be packaged into a block. The block also contains the hash of the previous block, making it a link in the chain.
- Block Broadcast: Miners broadcast created blocks to other nodes in the network.
- Consensus Mechanism: Nodes in the network use consensus mechanisms such as Proof of Work or Proof of Stake to reach consensus on blocks.
- Block added to the chain: Once consensus is reached, the block will be added to the blockchain, becoming a permanent record.
Key features of blockchain:
- Distributed: Transaction records are stored on all nodes in the network instead of centralized servers.
- Immutable: Once a block is added to the chain, its content cannot be changed as this would break the hash chain.
- Transparency: All transactions on the blockchain are publicly visible and anyone can view them.
- Security: Blockchain uses cryptography to ensure the security of transactions, making them nearly impossible to hack or commit fraud.
The above is the detailed content of What is blockchain? How does it work?. For more information, please follow other related articles on the PHP Chinese website!
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