How Block Chain Works?
Transaction --> Block -->Verification --> Hash --> Execution
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.
The transaction is packed with other pending transaction thereby creating a "block". The block is sent to the blockchain system network of participating computers.
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.
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.
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.