Policy Considerations for the Blockchain Technology Public and Private Applications

Abstract

Id. (The article summarizes the process through 6 steps: (1) broadcasting the information to the network; (2) each node in the network compiles the information; (3) each node checks the information by solving a complicated process; (4) each node broadcast the proof that it solved the checking process; (5) the nodes accept the broadcast only if the information included is proven to be correct; and (6) the nodes add to the chain the new information, where it is, timestamp, and its location in the chain is contingent on the previous elements of the chain.).