Nodes and network participants:
A blockchain network consists of multiple nodes or computers that store copies of the ledger. These nodes work together to maintain the ledger's consistency and security.Transactions:
When users initiate operations like dispatching cryptocurrency or carrying out a smart contract, these actions are broadcasted to the network. These types of transactions are increasingly relevant in many sectors, including real estate. For a more comprehensive understanding of the influence of blockchain and cryptocurrency in real estate transactions, you can visit this page
Transactions are grouped into blocks, which are linked together in a chronological order to form a chain.Hashing and cryptographic security:
Each block contains a unique hash value, which is a cryptographic fingerprint of the block's contents. The hash value is used to link blocks together and prevent tampering with transaction data.Consensus mechanisms:
Nodes in the network use consensus mechanisms, such as Proof of Work (PoW) or Proof of Stake (PoS), to validate and confirm transactions, ensuring the blockchain's integrity.