What is Blockchain?
Blockchain seems complicated, and it definitely can be, but its core concept is really quite simple.
A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database actually is.
Blockchain seems complicated, and it definitely can be, but its core concept is really quite simple.
A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database actually is.
Blockchain is a specific type of database.
It differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together.
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It differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together.
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As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
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Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions.
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In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control.
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Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.
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