Blockchain
Quick Answer
A blockchain is a distributed digital ledger that records transactions across many computers so that no single record can be altered retroactively — providing transparency, security, and immutability without a central authority.
Definition
A blockchain is a distributed digital ledger that records transactions across many computers so that no single record can be altered retroactively — providing transparency, security, and immutability without a central authority.
Explanation
Each block contains a set of transactions, a timestamp, and a cryptographic hash of the previous block — linking blocks in a chain. This makes it extremely difficult to alter historical records. Blockchains can be public like Bitcoin and Ethereum, private, or permissioned. Beyond cryptocurrency, blockchain is applied to supply chain management, digital identity, financial settlement, and record keeping in regulated industries.
Example
When you send Bitcoin, the transaction is broadcast to the network, verified by nodes, grouped into a block with other transactions, and permanently recorded on the blockchain.
Frequently Asked Questions
What is Blockchain?
A blockchain is a distributed digital ledger that records transactions across many computers so that no single record can be altered retroactively — providing transparency, security, and immutability without a central authority.
How does Blockchain work?
Each block contains a set of transactions, a timestamp, and a cryptographic hash of the previous block — linking blocks in a chain. This makes it extremely difficult to alter historical records. Blockchains can be public like Bitcoin and Ethereum, private, or permissioned. Beyond cryptocurrency, blockchain is applied to supply chain management, digital identity, financial settlement, and record keeping in regulated industries.
Can you give an example of Blockchain?
When you send Bitcoin, the transaction is broadcast to the network, verified by nodes, grouped into a block with other transactions, and permanently recorded on the blockchain.