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The way blockchain works is mentioned as follows:To send or receive bitcoin, a bitcoin user must do a transaction and the user broadcasts it to every part of the Bitcoin Network.For a successful transaction, the user must be added to the public digital ledger i.e. Blockchain. The network of nodes validates the transaction.Transaction data is collected and verified by the use of ¡°Miners¡± against the existing blockchain ledger and it solves a cryptographic puzzle that allows them to add a recent transaction block to the blockchain.It helps to ensure each sequential block of the public ledger is accurate because of the fact that so many users have the same records and they are many to confirm the same transactions.A new block which is created is added to the existing blockchain as mentioned earlier. Once a block is added to the blockchain it is there forever and becomes a public record.
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IEEE/ICACT20210192 Slide.06
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