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A blockchain is a distributed database or ledger shared between the nodes of a computer network. As a database, a blockchain stores information electronically in a digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the reliability and security of a data file and generates trust without the need for a trusted third party.
A key difference between a typical database and a blockchain is the way the data is structured. A blockchain collects information together into groups, also called blocks, that contain sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the blockchain. Any new information following that freshly added block is bundled into a newly formed block which is then also added to the chain once it is filled.
How does a blockchain work?
The purpose of blockchain is to record and distribute digital information, but not edit it. In this way, a blockchain forms the basis for immutable ledgers, or records of transactions that cannot be changed, deleted or destroyed. This is why blockchains are also called a distributed ledger technology (DLT).
A blockchain is “a distributed database that maintains a continuously growing list of ordered records called blocks.” These blocks “are linked together using cryptography.
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