How Blockchain Works

In my previous blog talks about what is Blockchain, In this blog let me try to explain how blockchain works.

Take a scenario where you want to send a money to your friend or business partner through blockchain.

 Below are the steps takes place

  1. You have raised a request to send money to recipient.
  2. Request will be broadcasted to decentralized peer-to-peer network, which is basically computers across the globe.
  3. The node will validate your request against Smart Contract – in this case node verified whether you have sufficient fund to transfer.
  4. Once node validates the request, other peer nodes will accept the verification.
  5. Once multiple nodes verifies the transactions in Blockchain network then new block gets added to chain and this new block gets replicated across all the nodes in the network.
  6. Your request is processed and recipient will receive the money.
  7. All this steps happens in less than 10 min compare to bank which takes days.

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