What is the working mechanism of blockchain?

Working Mechanism of Blockchain Blockchain can be defined as a shared ledger, allowing thousands of connected computers or servers to maintain a single, secured, and immutable ledger. Blockchain can perform user transactions without involving any third-party intermediaries. In order to perform transactions, all one needs is to have its wallet.

What is blockchain for Dummies?

Now in its 3rd edition, IBM’s Blockchain for Dummies has introduced blockchain to more than 68,000 readers. Blockchain defined: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.

How is blockchain used in retail?

Retail companies use blockchain to track the movement of goods between suppliers and buyers. For example, Amazon retail has filed a patent for a distributed ledger technology system that will use blockchain technology to verify that all goods sold on the platform are authentic.

What is the role of miners in a blockchain?

The miners act as modern clerks who record transactions and collect transaction fees. All participants across the network reach a consensus on who owns which coins, using blockchain cryptography technology. What is the difference between a database and a blockchain?