How Block Chain Works?




Transaction --> Block -->Verification --> Hash --> Execution

Transaction:
Two Parties, X and Y decide to exchange a unit of value (digital currency or digital representation of some other asset, such as land title, birth certificate, or educated degree) and initiate the transaction.
Block:
The transaction is packed with other pending transaction thereby creating a "block". The block is sent to the blockchain system network of participating computers.
Verification:
The participating computers(called "miners" in the bitcoin blockchain) evaluate the transaction through mathematical calculation determine whether they are a valid, When "consensus" has been achieved, typically among 51% of participating computers, the transaction are considered verified.
Hash:
Each verified block of the transaction is time-stamped with a cryptographic hash. Each block also of contains a reference to previous blocks has, thus creating a "chain “of records that cannot be falsified except by convincing participating computers that the tampered data in one block and i  all prior blocks is true. Such a feat is considered impossible.
Execution:
The unit of value moves from the account of party X to the account of party B.

Blockchain will become the most innovative healthcare technology ever by creating a trusted peer-to-peer network for sharing information and value. Bairo is leading the way by working on the blockchain technology to benefit our clients. Stay tuned for more updates.

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