ConsensusConsensus allows a distributed system such as a blockchain to function as a decentralized peer-to-peer system without the need to... Read More is what allows a distributed systemA distributed system comprises a collection of independent computers that communicate with each other to share resources and coordinate activities. Read More (like the blockchainA blockchain is a distributed database that is shared among the nodes of a computer network. Read More) to function as a decentralizedDecentralization, an aspect of blockchain technology, facilitates power or authority distribution among individuals, groups, or institutions. A decentralized structure allows... Read More peer-to-peer systemA peer-to-peer (P2P) system is a P2P network that works together to share resources and achieve a shared purpose. In... Read More without the need to refer to a central authorityA central authority is an entity that holds centralized control over something, such as a financial exchange, asset, or transaction.... Read More figure for all participants to agree on what is the correct data. Consensus is achieved in a blockchainA digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by... system when all participants agree on the content of the next blockGroups of data within a blockchain. On cryptocurrency blockchains, blocks are made up of transaction records as users buy or sell... Read More that will be added to the blockchain.
