Blockchain consists of several key components of a blockchain: blocks, nodes, and the consensus mechanism. A block contains transaction data and a cryptographic hash of the previous block, linking them together. Nodes are decentralized computers that validate and record transactions on the blockchain. The consensus mechanism, such as Proof of Work (PoW) or Proof of Stake (PoS), ensures all nodes agree on the validity of transactions. These components work together to create a secure, transparent, and immutable ledger system.
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