How Does ‘Blockchain’ Actually Work?

Imagine you and your friends are sharing toys, but no one is in charge. Every time someone takes a toy, everyone agrees on it, like writing it down together. Blockchain works the same way: people agree on things without needing a teacher or parent to check.

What It Means A blockchain is like a [shared notebook](/search?q=shared%20notebook) that keeps track of everything, and everyone has a copy of it.

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Examples

Your friends all agree on who took which toy, no need for a teacher.
You write down that you gave a toy to your friend, and everyone copies it.
If someone says they took a toy but they didn’t, the group checks the record.

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Categories: Technology · Blockchain,Cryptocurrency,Decentralization