How blockchain works from "summary" of The Basics of Bitcoins and Blockchains by Antony Lewis
Blockchain is a distributed ledger technology that enables multiple parties to record transactions securely without the need for a central authority. It is a chain of blocks containing transaction data, which is stored on a network of computers known as nodes. Each block contains a list of transactions, a timestamp, and a reference to the previous block, forming a chronological chain. When a new transaction is initiated, it is broadcast to the network of nodes for validation. The nodes compete to solve a complex mathematical puzzle, with the first node to solve the puzzle adding the new block to the blockchain. This process is known as mining, and the nodes are rewarded with newly minted cryptocurrency for their efforts. Once a block is added to the blockchain, i...
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