Can you explain how blockchain ensures the validity of transactions?

3 answers

• Dec 18, 2021 · 3 years ago
  Blockchain ensures the validity of transactions by using a decentralized network of computers, known as nodes, to verify and validate each transaction. When a transaction is initiated, it is broadcasted to the network and grouped with other pending transactions in a block. Miners then compete to solve a complex mathematical puzzle to add the block to the blockchain. Once the block is added, the transactions within it are considered valid and cannot be altered. This immutability is achieved through cryptographic hashing, which ensures that any change to a transaction would require the alteration of all subsequent blocks, making it nearly impossible to tamper with the transaction history.
  695348
• Dec 18, 2021 · 3 years ago
  Alright, so here's the deal. Blockchain is like a digital ledger that keeps track of all the transactions made with digital currencies. But what makes it special is that it's not controlled by any single entity. Instead, it's decentralized and maintained by a network of computers. When a transaction is made, it gets added to a block along with other transactions. This block is then verified by the computers in the network through a process called mining. Once the block is verified, it's added to the blockchain, and the transaction is considered valid. And because the blockchain is distributed across many computers, it's extremely difficult for anyone to tamper with the transaction records.
  698233
• Dec 18, 2021 · 3 years ago
  At BYDFi, we believe in the power of blockchain to ensure the validity of transactions. Blockchain technology uses a decentralized network of computers to verify and validate each transaction. When a transaction is initiated, it is broadcasted to the network and included in a block. Miners then compete to solve a complex mathematical puzzle to add the block to the blockchain. Once the block is added, the transactions within it are considered valid and cannot be changed. This transparent and secure process ensures the integrity of digital currency transactions and builds trust among users.
  595149