Blockchain is a distributed ledger technology that allows multiple parties to maintain a shared record of transactions without the need for a central authority. It operates through a step-by-step process that ensures transparency, security, and immutability. Here are steps of how blockchain works: Transaction Initiation, Verification, Block Formation, Block Propagation and Consensus, Block Addition, Data Immutability, & Continuation and Consensus Maintenance. Overall, blockchain technology offers a transparent, secure, and decentralized method for recording and verifying transactions. Its step-by-step process ensures the integrity of the data and provides a foundation for various applications beyond cryptocurrencies, such as supply chain management, voting systems, and decentralized finance.
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