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What Is Blockchain? What Is Blocks?

What Is Blockchain?
Blockchain is a digitized, decentralized and public ledger of all financial transactions and it also recording the history of transactions.

Blockchain provides a protocol for building a public, replicated and distributed ledger network of all transactions. Each participant in this blockchain network maintains their own copy of that database, or collection of organized information.

Blockchain is mostly known for the first technology it enabled, the Bitcoin, which Satoshi Nakamoto first described in a paper in 2008.

Blockchain is the technology that runs cryptocurrency Bitcoin.
Blockchain very first and most famous application is Bitcoin, a peer-to-peer (P2P) digital currency for the modern, digital age. This was created by Satoshi Nakamoto.

What Is Blocks?
A block is a collection of data or transactions.
All Transaction data are permanently recorded in files called blocks.

Blocks are storage of data or transactions on the blockchain network, once they are added to the chain of blocks that precede them they become irreversible. Each block contains the data it is recording.

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By Anil Singh | Rating of this article (*****)

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