Page 16 - Geektime Blockchain Report
P. 16

Blockchain Blockchain 101 How Does Blockchain Blockchain Work? [bitcoin example]
* (Without Getting into too much technical details)
Reut wants to to transfer two bitcoins to to Jenny
1 2 3 Transfer order
Reut places an order
for a a a 2 BTC transfer to Jenny
Sufficient funds check & transaction recording After verifying Reut's account balance has at least 2 BTC each computer connected to the network records the transaction in its own ledger Closing the block
After every 1 500 records (on average) the ledger is being sealed The network compares recorded ledgers and creates one agreed- upon ledger decided by majority vote Reut > Jenny
2 0 BTC Reut > Jenny
2 0 BTC Reut > Jenny
2 0 BTC ==
Reut > Jenny
2 0 BTC Reut Reut > Jenny
2 0 BTC Reut > Jenny
2 0 BTC = 16 




















































































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