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What is a blockchain?



Feb 11, 2023

What is a blockchain?

A blockchain is a digital ledger of records, which are stored in blocks and linked using cryptography. It is essentially a decentralized database that is maintained and updated by a network of computers, rather than by a single entity.

In a blockchain, each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. This creates a chain of blocks, hence the name "blockchain." The decentralized nature of blockchains makes them resistant to modification or tampering, as any changes to the data must be made to the majority of blocks in the network.

Blockchains were originally designed as the underlying technology for the digital currency Bitcoin, but their potential uses have since been recognized in a variety of other fields, including finance, supply chain management, and the internet of things.

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