How does the blockchain system work?

The field of#Blockchainis a technical system that works to record and secure information and digital transactions in an open and secure manner.

A blockchain consists of a series of encrypted records known as “blocks,” where transactions are stored in blocks that are linked to each other.

When a new transaction is added to the blockchain, network participants verify the validity of this transaction and the validity of the block containing this transaction.

They then add the block to the block chain in a secure manner. This verification uses a mathematical algorithm known as “Proof of Work”, where participants in the blockchain network must solve a difficult mathematical puzzle before the addition of the new block is accepted and upon solving the puzzle. , the block is added to the block chain and the participant responsible for solving the puzzle is given a material reward

Thanks to this design, it becomes difficult to forge or modify transactions recorded in the block chain.

It is also possible for anyone in the network to verify the validity of transactions and access a complete record of all transactions that have occurred over time. The field of blockchain is used in several areas, including financial transfers (via digital currencies such as Bitcoin), supply chain management, and electronic voting. , keeping a medical record for individual patients, and other applications.#BlockchainLifeAwards2024