Blockchain is a distributed ledger technology that records transactions across multiple computers in a way that makes the record immutable and transparent. Each "block" contains a batch of transactions, and blocks are linked together in a chronological "chain," secured by cryptographic hashes.

Once data is recorded in a block and added to the chain, it becomes extremely difficult to alter without changing all subsequent blocks—which would require consensus from the majority of the network. This makes blockchain inherently secure and resistant to fraud.

Key Characteristics of Blockchain

  • Immutable: Once recorded, data cannot be easily changed or deleted
  • Transparent: All network participants can view the entire transaction history
  • Decentralized: No single point of control; distributed across many nodes
  • Secure: Cryptographic hashing and consensus mechanisms protect the data
  • Versatile: Used beyond crypto for supply chain, healthcare, voting, and more

Real-World Example

When Bitcoin transactions occur, they're grouped into a block. Miners compete to solve a cryptographic puzzle to add that block to the chain. Once added, the transaction is permanently recorded and verified by thousands of computers worldwide.

Understanding Blockchain is easier when you're familiar with these related concepts:

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