The process of a Transaction request over a blockchain network works as follow:
- Transaction Request
- Request is broadcasted Peer-to-Peer to the network of Computers (aka Nodes)
- Validation- Network of nodes validates both transaction & user's status by using an agreed algorithm.
- Transaction Verification (Can be Cryptocurrency, contract, records or any other type of Digital Asset)
- Transaction along with a few other verified ones transform into a block of data for the ledger.
- A new Block is added to the Blockchain in a permanent and final way.
- Transaction completed