Summarizing the Blockchain Architecture

In this segment, we will be learning more about blockchain architecture. We will see how a transaction is rendered, what role do the elements, explained in this segment previously, play and how different concepts we have learnt are practically applied in blockchain.

A blockchain is formed with the purpose of solving a common business problem that all nodes who potentially want to join the network are facing. All nodes have their own digital signatures through which identities are managed. A transaction is rendered after consensus is achieved, and once validated, blocks are sent to all the nodes, who verify and add it to their chain of blocks, thus forming the blockchain.