What is blockchain?
Blockchain is…
- a distributed
- and…
- an immutable ledger
which facilitates...
- a growing list of records (called blocks)
which are...
- linked together with cryptographic hashes.
In short, it’s a cryptographically secured chain of blocks.
Thus...
- Blockchain transactions are irreversible
- The data in any given block can not be altered retroactively without altering all subsequent blocks.
Interesting to know that, Blockchain made Bitcoin the first digital currency to solve the double spending problem without the need for a trusted authority or central server.
