In this episode, we will learn how Near blockchain works, what is the Near consensus algorithm and the concept of Near Runtime. — NEAR VISION #5 will be on @insight_near tomorrow. Stay tune. How NEAR Blockchain works The technology underpinning cryptocurrency. Blockchain is a technology that can safely store transaction records on a peer-to-peer network instead of storing them in a single location. Independent servers around the world, called nodes, make up the network that operates the blockchain.