How does blockchain work？

Blockchain works by creating a distributed ledger of transactions that is shared across a network of computers. Each transaction is verified, recorded, and added to the ledger as a new block, creating an immutable chain of blocks. Here's a step-by-step explanation of how blockchain works:

1. A user initiates a transaction: A user initiates a transaction by creating a digital record of it and sending it to the network of nodes.

2. Verification of transaction: The network of nodes then verifies the transaction using consensus mechanisms such as Proof of Work (PoW), Proof of Stake (PoS), or other methods. Once the transaction is verified, it is added to a new block of transactions.

3. Creation of a block: Once several transactions are verified, a block is created. Each block contains a record of multiple transactions and has a unique cryptographic hash.

4. Adding the block to the chain: Once a block is created, it is added to the existing blockchain as the most recent block, linking back to the preceding block in the chain, creating an immutable record of every transaction ever made on the blockchain.

5. Updating the ledger: As new transactions are verified, they are added to a new block and linked to the previous block in the chain, forming an unbreakable and transparent chain of blocks.

6. Network consensus: Because the blockchain is distributed across a network of nodes, every participant in the network has a copy of the ledger, making it difficult for hackers or fraudsters to corrupt or manipulate the ledger.

Overall, blockchain technology provides a secure, decentralized, and transparent way of recording and managing transactions without the need for intermediaries. It has the potential to revolutionize many industries by increasing transparency, security, and efficiency.

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