Once upon a time in the bustling world of finance, transactions were as cumbersome as dragging a suitcase full of pennies through a crowded airport. Alice wanted to send Bob some money, but she had to trust the bank to process her request. Bob had to trust the bank to notify him. This middleman, albeit reliable, was slow and costly. Enter the hero of our story: Blockchain technology.
Blockchain, the digital ledger of transactions, promised a new world where Alice and Bob could transact directly without intermediaries. This revolutionary technology offered speed, security, and transparency — the holy trinity of modern finance. But what exactly is blockchain, and how does it work?
The magic of blockchain lies in its consensus mechanism. For a block to be added to the chain, the majority of the network must agree that the transaction is valid. This process ensures that once a transaction is recorded, it’s almost impossible to alter. It’s like having a thousand diligent accountants checking each other’s work in real-time. … Read in Details
