What Is BlockChain Pt2

HOW DOES BLOCKCHAIN WORK
You should know that the name “Blockcahin” was not an accident or mistake. This digital ledger is often referred to as a “chain” that’s made up of numerous “blocks” of data. As new and or fresh data is added to the network, a new “block” is created and attached to the “chain.” This process involves all nodes updating their version of the blockchain ledger to be identical.
The key here is the way in which these new blocks are created and why they are considered to be extremely secure. Its set up that a majority of these nodes must verify and confirm the legitimacy of any new data before a new block is permitted to be added to the ledger. For any cryptocurrency, they might involve ensuring that new transactions in a block were not fraudulent, or that coins had not been spent more than once. Thus making it different from a standalone database or spreadsheet, where one person can make changes without any oversight or standards.
After there is a majority confirmation the block is added to the chain and the underlying transactions are recorded in the distributed ledger. Blocks are securely linked together, forming a secured digital chain from the beginning of the ledger to the present.
Transactions are typically secured using cryptography, meaning the nodes need to solve complex mathematical equations to process a transaction. Each transaction typically has a code. That code has to be unlocked. Then these nodes/miners run thousands of potential combinations like that on a combination padlock to confirm the transaction.
Typically as a reward for validating and confirming these transaction there is a reward for their efforts in validating changes to the shared data, nodes are typically rewarded with new amounts of the blockchain’s native currency—e.g., new bitcoin on the bitcoin blockchain.

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