What is Blockchain?



What is blockchain?

 

In simple terms, a blockchain can be described as an append-only transaction ledger. What that means is that the ledger can be written onto with new information, but the previous information, stored in blocks, cannot be edited, adjusted or changed. This is accomplished by using cryptography to link the contents of the newly added block with each block before it, such that any change to the contents of a previous block in the chain would invalidate the data in all blocks after it- ForbesOpens in a new tab.

 

A blockchain is a digitized, decentralized, public ledger of all cryptocurrencyOpens in a new tab. transactionsOpens in a new tab.. Constantly growing as ‘completed’ blocksOpens in a new tab. (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically- Opens in a new tab.investopediaOpens in a new tab.

 

A blockchain is a digitalOpens in a new tab. record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in single list, called a chain. Blockchains are used for recording transactions made with cryptocurrencies, such as BitcoinOpens in a new tab., and have many other applications- Tech TermsOpens in a new tab.

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