What is Blockchain and how does it work?

What is blockchain?

The first thing you need to know about the blockchain is that it’s not something that you can touch or hold. It’s a system of decentralized ledgers.

Put simply, it is a public ledger on which transactions are recorded. The blockchain records all data about each transaction in chronological order. This information is stored across the network of computers on the internet, which is known as nodes or miners. This makes it difficult for anyone to make changes without being noticed by everyone else.

Blockchain technology has many applications outside of Bitcoin, including things like digital voting and even property ownership transfers!

How does Blockchain work?

Every transaction on the blockchain is recorded in a public ledger called a “block”, which can be written onto a “blockchain”. When a block is completed it goes into the blockchain as an immutable record, which means that it cannot be changed or deleted.

What is Blockchain Technology?

In a blockchain, records are stored in blocks and each block has a timestamp. The blocks are stored on multiple nodes so there is no single point of failure. The data that is stored in these blocks cannot be changed or deleted without approval from most of the nodes on the network. Blockchain records cannot be edited without changing all subsequent blocks which will require an enormous amount of computing power, time, and energy to do so. This attribute makes it difficult for hackers to gain access to any sensitive information stored on these networks because once it’s been recorded, it’s there forever.

Conclusion

Thus, Blockchain is a technology that was created to allow people who don’t trust each other to move money around.

This technology has given us a new way to privately and securely send and receive assets. Blockchain allows the transfer of digital assets from one party to another without 3rd party involvement, which eliminates the need for middlemen, providing full transaction transparency.

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