Blockchain is a technology that organises a database consisting of a chain of blocks, each block containing information about the previous blocks. It is stored simultaneously on all the computers of the participants in the system
Blockchain is a technology that organises a database consisting of a chain of blocks arranged according to certain rules. Each cell of a block carries information about the previous cell. This technology is based on the principle of decentralisation, i.e. the database is not located in one place, but in all the computers of the participants of the system that form the network. Thus blocks cannot be replaced or hacked, as this would require hacking into all the computers.
The advantages of this technology are simplicity, speed, security, and transparency. Let’s say that if a transaction is made on a blockchain network, the information about it will remain in a million computers, meaning it will never be lost or tampered with.
Blockchain technology is at the heart of how cryptocurrencies work.