When a transaction is posted, it tells everyone that x amount of the currency was sent from Wallet A to Wallet B. All transactions that occur during that period of time are contained in an individual block.
With each new block created, it is linked to the previous one thus creating a "chain". After the blocks are fully validated and joined, they cannot be chained without the consensus of the block producers agreeing to reverse it.
The most common forms of Blockchain are:
Each utilizes a different mechanism to arrive at consensus. Regardless of the system, they eliminate the double spend problem.
Blockchain used Distributed Ledger Technology (DLT) to maintain a public ledger in a decentralized fashion. This is done through node operations who are unrelated all having an duplicate copy of the ledger on their computers. The different nodes all form a network.
Cryptocurrency is the monetary unit that is built upon blockchain.
Posted Using LeoFinance Beta