Blockchain is a distributed database that stores information in blocks, which are linked together using cryptography. It was originally developed for use with Bitcoin but has since been adopted by other industries as well due to its ability to provide secure and transparent transactions without the need for intermediaries such as banks or governments.
Each block in a blockchain contains a record of multiple transactions, and once a block is filled it is added to the chain in chronological order. The blocks are linked together using cryptographic hashes, which ensure that any changes made to one block will invalidate all subsequent blocks. This makes it very difficult for anyone to tamper with or alter the data stored on the blockchain.
The decentralized nature of a blockchain means that there is no single point of failure and no need for trusted third parties to verify transactions. Instead, the network relies on consensus algorithms to ensure that all participants agree on the state of the ledger. This makes it possible to create transparent and immutable records of transactions that can be accessed by anyone with an internet connection.
Overall, blockchain technology has the potential to revolutionize many industries by providing a secure and efficient way to store and transfer data without the need for intermediaries or central authorities.