What is a blockchain?

Blockchain consists of a type of technology that allows to transfer data in a secure way thanks to its coding. It does not need intermediaries and is protected from being deleted.

How does it work? We explain it to you in 5 steps.

1. Transaction

It is the part that corresponds to the beginning of it, where two people agree to exchange a unit of value, for example (digital currency, assets, educational titles ...).

2. Blocks

The transaction is carried out together with others, creating a "block", which is sent to the network of participating computers.

3. Verification

These computers (called "miners") value each transaction and verify if they are valid as agreed.

4. Hash

Each verified block has a "hash" which indicates its status and identifies it.

5. Execution

Finally, the transaction is made, thus closing the process.

Many companies already use this system thanks to their safety, ease and speed. What do you think?

Source: 40 de fiebre.