demystifying Blockchain: A Step-by-step Guide to How It Work

Job type: Other

Blockchain is built on the foundation of two key components: blocks and chains. 

To understand how blockchain works, it’s essential to grasp these fundamental concepts. 

A *block* is a collection of data that contains information about a specific set of transactions. 

Each block is identified by a unique cryptographic hash, which serves as a digital fingerprint. 

This hash ensures the integrity and security of the block. 

A *chain* refers to the linking of multiple blocks together in a chronological order. 

Each block within the chain contains a reference to the previous block’s hash, effectively creating a chain of blocks. 

This linking mechanism ensures the immutability of the data stored in the blockchain, making it nearly impossible to alter or tamper with the information. 

The combination of these blocks and chains forms the basis of blockchain technology. 

By organizing data into blocks and linking them together, blockchain enables secure and transparent digital transactions.

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