Components in a blockchain network

In general, a blockchain system consists of a number of nodes, each of which has a local copy of a ledger. In most systems, the nodes belong to different organizations. The nodes communicate with each other in order to gain agreement on what should be in the ledger.

The process of gaining this agreement is called consensus, and there are a number of different algorithms that have been developed for this purpose. Users send transaction requests to the blockchain in order to perform the operations the chain is designed to provide. Once a transaction is completed, a record of the transaction is added to one or more of the ledgers and can never be altered or removed. This property of the blockchain is called ...

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