How does the concept of a 'block' work in the context of cryptocurrency transactions?

1 answers

• Jan 11, 2022 · 3 years ago
  In the context of cryptocurrency transactions, a 'block' is a fundamental component of the blockchain. It contains a set of transactions that have been validated and added to the blockchain. Each block has a unique identifier called a 'hash' that is generated based on the data in the block. This hash serves as a digital signature for the block and is used to ensure the integrity of the transactions. Additionally, each block contains a reference to the previous block's hash, creating a chain of blocks. This chain structure makes it virtually impossible to alter past transactions without the consensus of the network, ensuring the security of cryptocurrency transactions.
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