The blockchain ledger explained
Peter > Jane
10 BTC
Peter
Miner 1
Miner 2
The blockchain
(ledger)
Ledger
Miner n
The miners (nodes)
execute cryptographic
hash functions to confirm,
authorise (Proof of work)
and record the transaction.
Ledger
Ledger
Block 51
Block 52
Block 53
Block 54
Proof work:
0000009857vvv
Proof work:
000000zzxvzx5
Proof work:
00000090b41bx
Proof work:
0000001axz4tv1
Previous block:
000000432qrza1
Previous block:
0000009857vvv
Previous block:
000000zzxvzx5
Previous block:
00000090b41bx
Transaction
001hk009
Transaction
34oiu98a
Transaction
Peter > Jane
10 BTC
Transaction
vc4232v32
10 BTC
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Jane
www.deloitte.com/mt/blockchain