What is the process of storing digital assets on blockchain?

The process of storing digital assets on a blockchain involves several key steps. Firstly, the asset needs to be converted into a digital format, such as a token, that can be easily stored and transferred on the blockchain. This can be done through the use of smart contracts, which are self-executing contracts with the terms of the agreement directly written into lines of code. Once the asset is in digital form, it can be stored on the blockchain by creating a transaction that records the ownership and transfer of the asset. This transaction is then verified by the network of nodes in the blockchain, ensuring its integrity and immutability. The asset can then be accessed and transferred by the owner using their private keys, which provide secure access to their holdings. Overall, storing digital assets on the blockchain involves converting the asset into a digital format, creating a transaction to record ownership, verifying the transaction through the network, and accessing the asset using private keys.

This mind map was published on 19 September 2023 and has been viewed 73 times.