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HOW DOES BLOCKCHAIN WORK ? (Part 1: The network)

Using the bitcoin system as an example, here’s how blockchain works:

  • The purchase and sale transaction of bitcoin is entered and transmitted to a network of powerful computers via internet, known as nodes.
  • This network of thousands of nodes around the world vie to confirm the transaction using computer algorithms. 
  • Once the transaction is confirmed, the transaction is write inside a block, that contain in average 500 transaction. The miner who first successfully completes a new block is rewarded with bitcoin for their work. These rewards are paid with a combination of newly created bitcoin and network fees, which are passed on to the buyer and seller. This is known as bitcoin mining
  • After the purchase is cryptographically confirmed, the sale is added to a block on the blockchain, also known as the distributed ledger. The majority of the network must then confirm the sale.
  • The block is permanently chained to all previous blocks of bitcoin transactions, using a cryptographic fingerprint known as a hash, and the sale is processed.

Each block is linked with the previous one using cryptography, this feature makes the date reliable and secure on the blockchain. Any change on a previous block will make the entire blockchain invalid, making it immutable.