The development of Blockchain technology is revolutionizing the way we are globally able to track any commodity.
The blockchain is used for the secure transfer of items like money, property, contracts, etc. without requiring a third-party intermediary such as a bank or the government. Once data is recorded on a blockchain, it is almost impossible to change it.
Blockchain is a distributed database existing on multiple computers at the same time. It is
constantly growing as new sets of recordings, or "blocks", are added to it. Each block contains a timestamp and a link to the previous block, so they form a chain.
A person requests a transaction. The transaction could involve cryptocurrency, contracts, records, or other information. The requested transaction is broadcasted to a P2P network with the help of
nodes. The network of nodes validates the transaction and the user´s status with the help of known algorithms. Once the transaction is complete, the new block is then added to the existing blockchain