Blockchain and Bitcoin: how does it work?

The validating nodes validate the transaction, ensuring, in part through the public history, that the sender has sufficient balance. If the transaction is confirmed, it is added to other active transactions to form a block of transactions. Then this block will be added to the previous block, thus creating a chain of transaction blocks – blockchain.

Interest in using blockchain for their transactions

Blockchain has many interesting properties for conducting financial transactions. The blockchain is run by a large number of validating nodes independent of an omnipotent central player. The interest against censorship is thus obvious. This is called disintermediation.

Another interesting point is the stability of the blockchain. The blockchain is shared and replicated to all nodes in the network. If a network node fails, other nodes remain available and the service continues to be provided.

The contents of the blockchain are then verified by the network participants through a consensus mechanism, which provides a certain amount of transparency in the system. However, this transparency is not completely incompatible with the concept of confidentiality.

Finally, a blockchain is a data structure to which we can add information without being able to subtract it: once a transaction is registered on the blockchain, it cannot in principle be revoked. It is the use of cryptographic means associated with consensus that guarantees this property of immutability.

>> Read also: Bitcoin: cryptocurrency mining soon to become greener?

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