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Blockchain constitutes a suite of technologies facilitating the maintenance of a distributed ledger structured in blocks, each containing transactions linked through encryption. The distinctive chain structure is characterized by three key elements within each block, collectively ensuring immutability:

  • Hash Code:

An alphanumeric representation unique to the data, changing if any block-related data is altered.

  • Hash Code of the Previous Block:

Maintains linear chronological order to preserve the integrity of the chain.

  • Timestamp:

Indicates the block's creation time, contributing to the chronological order of the entire chain.

Operation Overview:

In a blockchain system, information is recorded in blocks, with each block forming a chain connection to the previous one. Transactions undergo verification by miners before integration into the blockchain. Miners compete to find a value that, when added to other block information, yields a specific hash code. Miners receive compensation for validating transactions, fostering competition among them.

Validation Process:

Upon a miner finding the solution, others confirm its correctness. The validating miner is rewarded in cryptocurrency, operating on the Proof of Work (PoW) principle.

Following validation, the block extends the blockchain, and its transactions reach their destination.


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