How do blockchain transactions get verified and recorded?

3 answers

• Dec 28, 2021 · 3 years ago
  When a blockchain transaction is initiated, it is broadcasted to the network of nodes. These nodes validate the transaction by checking if the sender has sufficient funds and if the transaction follows the rules of the blockchain protocol. Once the transaction is verified, it is bundled with other transactions into a block. Miners then compete to solve a complex mathematical puzzle to add the block to the blockchain. The first miner to solve the puzzle gets to add the block and is rewarded with newly minted coins. This process ensures the security and immutability of blockchain transactions.
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• Dec 28, 2021 · 3 years ago
  Blockchain transactions are verified and recorded through a decentralized network of computers called nodes. These nodes work together to validate transactions by checking the digital signatures, confirming the sender's balance, and ensuring that the transaction is not a double spend. Once a transaction is verified, it is added to a block along with other transactions. The block is then added to the blockchain through a consensus mechanism, such as proof-of-work or proof-of-stake. This process ensures that all transactions on the blockchain are transparent, secure, and tamper-proof.
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• Dec 28, 2021 · 3 years ago
  At BYDFi, blockchain transactions are verified and recorded in a similar way. When a transaction is initiated, it is propagated to the network of nodes. These nodes validate the transaction by checking the sender's balance, ensuring the transaction is not a double spend, and confirming the digital signatures. Once the transaction is verified, it is added to a block and added to the blockchain through a consensus mechanism. This process ensures the integrity and security of the transactions on the BYDFi blockchain.
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