Components of a Blockchain

Blogs IT, Cloud, Software and Technology

Posted 2024-11-26 07:28:51

Blockchain consists of several key components of a blockchain that work together to ensure data integrity, security, and decentralization. These include the blockchain network, which consists of nodes or participants; blocks, which contain transaction data; consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) that validate transactions; and smart contracts, which automate agreements between parties. Additionally, cryptographic hashes ensure data immutability, while the distributed ledger provides a decentralized and transparent record of all transactions on the network.

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