What is blockchain?

Posted on September 20, 2022  •  1 minutes  • 173 words

A blockchain is a type of distributed ledger that is used to record and track transactions that occur across a network of computers. It is a decentralized and secure way of storing and managing data, and it is the underlying technology that powers cryptocurrencies such as Bitcoin and Ethereum.

At its core, a blockchain is a chain of blocks, where each block contains a set of transactions. These blocks are cryptographically linked together, forming a tamper-evident chain that cannot be altered once it has been written. This allows participants in a blockchain network to trust the validity of the transactions that are recorded on the ledger, without the need for a central authority or intermediary.

Blockchains are often used to track and verify transactions, such as the transfer of digital currencies or other assets. They can also be used to store and manage other types of data, such as contracts, identity information, or supply chain records. Because blockchains are decentralized and secure, they are well-suited for applications that require transparency, auditability, and trust.