Inner Workings of Blockchain Technology
In Video One of our four part series, Director Matthew DiBona introduced us to the fundamental components of blockchain. We learned that blockchain is an advanced digital ledger, which makes up a collection of transactions issued on a distributed network. But how does blockchain work?
When a transaction is issued to the blockchain network, it undergoes an extensive validation process through a series of nodes. These nodes are in competition with one another trying to solve a complex mathematical problem, referred to as proof of work. The desired end result of the process is a secure and efficient validation of the initial transaction.
In this segment, Matthew addresses how blockchain works, the inner components of blockchain technology in detail, and how each component works together simultaneously.
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