Components of a Blockchain
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1. Blocks:
A block is a container for a set of transactions. Each block has a header and a body.
Header: Contains metadata such as the previous block's hash, timestamp, and a unique identifier (hash) for the current block.
Body: Contains a list of transactions.
2. Transactions:
Transactions are the individual records of data transfer between participants on the blockchain.
3. Nodes:
Nodes are the computers that participate in the blockchain network. They maintain a copy of the entire blockchain and validate new transactions and blocks.
4. Consensus Mechanism:
The process by which nodes agree on the validity of transactions and blocks. Common mechanisms include Proof of Work (PoW) and Proof of Stake (PoS).
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