What is Blockchain and How it works | Watch to know how Blockchain is Demanded Globally

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Published on Jun 03, 2023

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Hello Everyone,
Here I am coming with another vlog on Leo Finance. I am going to submit this vlog for the ongoing Zealy Adoption Campaign on Leo Finance. Today I am going to talk about Blockchain.

What is Blockchain

A blockchain is used to digitally record the growing amount of data. In this case a special type of block is used which is protected by a cryptographic proof. Blocks are connected to each other. Through these financial transactions are consolidated. These blocks are connected to each other through cryptography to form a growing chain. Blockchain transactions occur within a peer-to-peer (P2P) network of globally distributed computer nodes. Each node maintains a copy of the blockchain and contributes to the functioning and security of the network. This is what makes Blockchain a decentralized digital system that is borderless, censorship-resistant, and that does not require third-party intermediation.

When a transaction occurs, it tells everyone that an exact amount of the currency was sent from a wallet to another wallet. All transactions that occur during that period of time are contained in an individual block. The data contained in each block, in addition to the transaction, is also a cryptographic hash along with a time stamp. With each new block created, it is linked to the previous one thus creating a chain. After the blocks are fully validated and joined, they cannot be chained without the consensus of the block producers agreeing to reverse it. Because there is no way to change a block, the only trust needed is at the point where a user or program enters data. This aspect reduces the need for trusted third parties, which are usually auditors or other humans that add costs and make mistakes. Since Bitcoin's introduction in 2009, blockchain uses have exploded via the creation of various cryptocurrencies, decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and smart contracts.

There are three main features in Blockchain Technology:

Decentralization
Immutability
Consensus

Types of Blockchain Network

Public Blockchain Network
Private Blockchain Network
Hybrid Blockchain Network
Consortium blockchain networks

Related Links:
_{Binance Academy}
_{Leo Glossary}
_Investopedia
_AWS
Related Content of mine
_{What is Blockchain, How it Works and How it is Demanded by Consumers Worldwide}
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So that's all for my vlog. Hope you will get some important information about Blockchain and how it works from the vlog. If you want to know anything then please comment below the vlog. I will try to answer all of your questions. Lastly, I want to say if you are not join yet to the Community of Leo Finance, join fast before falling behind. Best of luck and have a good day.

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