Consensus 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 such as a blockchainAs a distributed ledger technology (DLT), a blockchain is a digital ledger that can create an immutable record of transactions.... 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. There is consensus when all participants agree on the content of the next blockA block is a specific type of construct in a blockchain that stores transactional information blocks typically contain transaction information... Read More added to the blockchain.
