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How Bitcoin transaction works?


20,June 2018

When someone from any part of the world requests a transaction, the requested transaction is broad casted to a p2p network consisting of computers and each computers are known as nodes. Next step is validation by which the network of nodes validates both this new transaction and user’s status using known algorithms. After verification, the new transaction is combined with other nodal transactions to create a new block of data to the ledger. The new block is added to the existing Blockchain in a permanent and stubborn way so that it cannot be copied or unaltered. The above mentioned method has given inspiration for Blockchain technology as the information exists as a shared while frequently prepared to accept database. Database in a Blockchain is not stored in a single location which makes the information really public and can be verified easily. In short, Blockchain technology is actually a synonym for internet and in that the specialty is the built-in strength. As it stores block of information which are identical across the network, it is not possible to control Blockchain by any single individual and moreover it completely wipe out the chances of a single point failure.