How does a blockchain work?

The technology (that is, the architecture, mechanisms, security, and so forth) behind the blockchain can be seen both as the backbone for future accounting and as an engine for a modern message transport system. So how does a blockchain actually work during runtime?

The following diagram shows how blockchain systems must follow a specific flow of actions in order to consistently maintain a distributed ledger of facts (a key-value database with the current state of assets) and a separate history of their updates (distributed transaction log). The transactions that you submit are stored and verified without the involvement of a governing central authority using advanced mathematics and computer science, that is, ...

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