Blockchain is the backbone of the most famous
cryptocurrency named Bitcoin. It is a peer to peer electronic cash system and a decentralized network which allows users to make transactions directly without the involvement of third-party to manage the exchange of funds.
Let's breakdown the definition :
Ledger : It is a file that is constantly growing.
Permanent : It means once the transaction goes inside a blockchain, you can put up it permanently in the ledger.
Secure : Blockchain placed information in a secure way. It uses very advanced cryptography to make sure that the information is locked inside the blockchain.
Chronological : Chronological means every transaction happens after the previous one.
Immutable : It means as you build all the transaction onto the blockchain, this ledger can never be changed.
A blockchain is a chain of blocks which contain information. Each block records all of the recent transactions, and once completed goes into the blockchain as a permanent database. Each time a block gets completed, a new block is generated..
