How Does Blockchain Work?

[AnzarRS]

So what exactly is this “blockchain”?

[danielleZ]

So what exactly is this “blockchain”?

Blockchain is the foundational technology behind Bitcoin. This interconnected web of computers and servers is decentralized and runs transactions against a single, public ledger. A copy of this ledger is in every node of the blockchain network, and for every transaction, every other node must agree with and verify the transaction.

These transactions are verified by lottery; miners are randomly awarded the ability to add a block to the chain and verify a transaction to redeem the Bitcoin transaction fee. This combination of decentralization and pubic transparency makes blockchain the most fool-proof financial system to date.

[bitcoinbooster]

One point I'd like to make is that while Blockchain is a topic that is often associated with Bitcoin, it can exist entirely independent of Bitcoin. There's lots of technical and intellectual "baggage" associated with Bitcoin, and those negatives shouldn't prejudice someone as to the possible uses of Blockchain.

[serasara]

One point I'd like to make is that while Blockchain is a topic that is often associated with Bitcoin, it can exist entirely independent of Bitcoin. There's lots of technical and intellectual "baggage" associated with Bitcoin, and those negatives shouldn't prejudice someone as to the possible uses of Blockchain.

I agree with you, thank you for that insight!

[Yabuy92]

So what exactly is this “blockchain”?

blockchain is unique because there is no single ogragination or large institution in the world that can control.
Blockchain makes payment transactions happen and recorded without using a ledger managed by a bank. Initially, this is important for Bitcoin (the first currency in circulation using the technology), but now the big ledger technology can be used and applied to any

[onnz423]

Blockchain is the transaction system first utilized by the bitcoin cryptocurrency.

Here's a website that serves as a cool little project, where you learn how blockchain works by building a simple one of your own.

Build your own blockchain

The information you learn from this will prove invaluable when looking at the technologies behind other coins in future, and will give a basic background in the technology behind coins like BTC.

[lutfi-hasan]

So what exactly is this “blockchain”?

To implement a blockchain system, there must be enough people who want to not rely on third parties. Only then can blockhain network be formed. How many people are needed to manage blockchain governance? At least three. For example, we've found some people who want to get out of transactions through banks or third parties. After mutual agreement, they have their account details at any time without having to know the identity of others.

[BTCforJoe]

First of all, this topic belongs in Beginners & Help section of the forum. May I suggest that you move it to that section?

Secondly, a simple Google search will help you answer this question: https://www.google.com/search?q=what+is+the+blockchain

The first result does a great job explaining what the Blockchain is, so give it a read: https://blockgeeks.com/guides/what-is-blockchain-technology/

And if you're lazy like me, check out this YouTube video: Understand the Blockchain in Two Minutes

[tlustoprd]

It's actually pretty simple. You have small dwarfs tied together by a nearly endless metal chain. These dwarfs have hands, obviously. Now whenever somebody wants to send something across the blockchain, they essentially place a block in one dwarf's hands. Now that dwarf throws that block to the adjacent dwarf who does the same... and so on and so on. And that's all there's to it.

[Tonyfredzy]

First of all, this topic belongs in Beginners & Help section of the forum. May I suggest that you move it to that section?

Secondly, a simple Google search will help you answer this question: https://www.google.com/search?q=what+is+the+blockchain

The first result does a great job explaining what the Blockchain is, so give it a read: https://blockgeeks.com/guides/what-is-blockchain-technology/

And if you're lazy like me, check out this YouTube video: Understand the Blockchain in Two Minutes

These resources are helpful, thanks.

[Statedapps]

For a simple a good explanation I would suggest to check the following page about How a blockchain works. Simply explained with illustrations.

https://theblockchaintoday.com/how-does-the-blockchain-work/