How Does Blockchain Work Explained

Imagine that someone tries to make a transaction on the blockchain network, for instance, your best friend Bob. Think that he is trying to send some money to you and for that he logs in to his bitcoin wallet and initiates a transaction. At this stage, his transaction request is transferred to a transaction queue in which all recent transactions in the network wait to be confirmed.

Then, there is a network of computers that runs and maintains the blockchain, known as nodes which validate the originality and correctness of the transactions, and if they decide that a transaction is authentic and valid, they take it and compete with each other to find a solution to a mathematical problem before others in order to store Bob’s transaction inside a new block that they create. So, these nodes validate Bob’s transaction and if the result is OK, they proceed with the race to create a block, and only after the block is created, the transaction becomes confirmed on the network.

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