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How Does Blockchain Technology Works

Understand Blockchain Better!

👩🏻‍💻 We are going to find answers to all your questions in this blog. We have made this blog as simple as we could for every reader to understand “How a Blockchain Technology Works? What is a blockchain? and What are the Types of Blockchain?”
What is Blockchain?

🔹 Blockchain is distributed ledger technology. It is the technology backing Bitcoin and other cryptocurrencies.
🔹 A blockchain network comprises blocks that are immutable, time-stamped, and distributed across multiple computers.
Features of Blockchain

🔹 Decentralized Technology
🔹 Immutable (Tamper-Proof)
🔹 Incorruptible Ledger
🔹 Consensus Mechanism
🔹 Transparent & Private
🔹 High Transaction Speed
🔹 Enhanced Security
The Functioning of Blockchain

➡️ A transaction is initiated
➡️ Creation of digital signature
➡️ Verification of authenticity
➡️ Private key cryptography
➡️ Creation of transaction block
➡️ Validation process
➡️ Miners participate in the network
➡️ Miners are awarded Bitcoins
➡️ Majority wins
➡️ Block is added to the chain
Types of Blockchain

Public Blockchain

🔹 Permissionless ledger or blockchain
🔹 Anyone can participate in the network
🔹 Not secure unless rules are framed strictly

Private Blockchain
🔹 Permissioned ledger or blockchain
🔹 Only trusted parties can participate
🔹 Best fit for enterprises or organizations



Federated Blockchain


    🔹 Also known as the federated blockchain
    🔹 Shared among multiple participants
    🔹 Participants work together in regulating the network

    Hybrid Blockchain







    🔹 A combination of public and private blockchain
    🔹 Offers complete freedom and controlled access
    🔹 Users can participate entirely in the network activities

    🔔Learn More About –> How Blockchain Technology Works





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