Understanding Where Blockchain Is Located, Blocks, And How It Works

in LeoFinancelast month (edited)

25E261AC-ADD8-4F95-BE23-3BFFB5683951.jpeg
Pixabay

Without a doubt, every single computer that runs the exact code for a given Blockchain possesses data that contains all transactions that have ever taken place on that blockchain. However, since the record of all transactions is available for anyone that wished to see it, there is no need for a centralized authority - such as our banks. Blockchain is controlled by no one.

Without further ado, what are blocks?

Blocks could be seen as groups or series of transaction data that are encoded into a blockchain respectively. This being said, new blocks on a Blockchain are actually written or mined (depending on the code they want to deploy). Generally, voluntary miners work on Blockchains to verify new transactions which in other words ensure that all of its value is in the right place.

It is very true that miners guarantee the legitimacy of distributed ledgers. For this, once blocks of transactions are written into a blockchain, it is virtually impossible for the rewards to be changed or erased respectively.

How does it work?

  • Right after a block gets added and verified, literally no one can alter its information.

  • Blockchain uses a different kind of distributed network to ensure that every transaction is actually between P2P nodes.

  • It is the duty of the blockchain to keep the records of all types of data exchanges. This singular act is called ledger system.


If you find this interesting and useful please feel free to upvote and reblog ;)

Disclaimer: Trading cryptocurrencies carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading, and seek advice from an independent financial advisor. ICO's, IEO's, STO's and any other form of the offering will not guarantee a return on your investment.

References: 1, 2, and 3

Posted Using LeoFinance Beta

Sort:  

Congratulations @crypto-fanatic! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You received more than 800 upvotes.
Your next target is to reach 900 upvotes.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Support the HiveBuzz project. Vote for our proposal!