Articles on: Blockchain 101

What is Blockchain and how does it work?

A blockchain is a peer-to-peer Database (aka Ledger) of transactions arranged in a chronological order through encryption. Any data recorded in the Blockchain is immutable in a way. Immutability adds the trust on the recorded data which makes the Blockchain powerful for certain use cases.

Bitcoin are the assets created through the ledger on Bitcoin Blockchain.
NFTs are the tokens minted through Blockchain and remain recorded in the blockchain for Ownership, Proof-of-Existence & Time-stamping.

Miners add a Block into the Blockchain by adding the new transactions into it and sign it cryptographically after solving a computation challenge. This process is called Mining. Miners get rewarded by for this work through transaction fees in that Block which is paid by all the users while proceeding with the transaction.

Updated on: 14/09/2021

Was this article helpful?

Share your feedback


Thank you!