Blockchain is a distributed database that allows for transparent, secure and decentralized transactions. Blockchain technology is aslo the backbone of Bitcoin and other digital currencies, but its potencial is mauch larger as it can revolutionize the way businesses operate.
At its simplest, Blockchain is a decentralized database that allows for transparent, secure and tamper-proof transactions. Another way to define Blockchain is as a shared, immutable ledger for recording transactions, tracking assets and building trust.
As each transaction occurs, it is recorded as a “block” of data Those transactions show the movement of an asset that can be tangible (a product) or intangible (intellectual). The data block can record the information we desire: who, what, when, where, how much and even other kinds of information.
Each block is connected to the ones before and after it The blocks form a chain of data as an asset moves from place to place or ownership changes hands. The blocks confirm the exact time and sequence of transactions, and they are secured and link together to prevent any block from being altered or a block being inserted between two existing blocks.
Transactions are blocked together in an irreversible chain: a blockchain Each additional block strengthens the verification of the previous block and hence the entire blockchain. This renders the blockchain tamper-evident, delivering the key strength of immutability. This removes the possibility of tampering by a malicious actor — and builds a ledger of transactions you and other network members can trust.