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.

Block of Blockchain

2. Transactions:

• Transactions are the individual records of data transfer between participants on the blockchain.

Transactions

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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