How Does Blockchain Works

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How Does Blockchain Work
Step 1 Transaction Initiation and
Validation Transactions are initiated and sent
to the blockchain network for validation. Step
2 Creation of a New Block Once validated, a new
block is created to record the transactions. Step
3 Broadcasting to All Nodes The newly created
block is broadcasted to all nodes (miners) on the
blockchain network.
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Step 4 Verification and Validation The nodes
verify the transactions within the new block and
validate them using the proof-of-work system,
which may result in a reward for the
miner. Step 5 Block Addition The newly
verified block is added to the blockchain. Step
6 Network Propagation Updates to the blockchain
are propagated throughout the network. Step 7
Transaction Execution Finally, The validated
transactions are successfully executed. It is
important to note that not all blockchains follow
the same working style. Their operations vary
based on their respective categories within
different types of blockchain networks.