What is Blockchain?

What is Blockchain?

A blockchain is a series of interconnected blocks that store data. The method is designed to timestamp digital documents not to be backdated or tempered. The goal of Blockchain is to eliminate the need for a central server to tackle the problem of duplicate entries.

The Blockchain is used to securely transmit assets such as money, property, contracts, and other information without the need for a third-party middleman such as a bank or government. It isn't easy to modify data after being stored on a blockchain.

The Blockchain is a computer program (like SMTP is for email). Blockchains, on the other hand, could not function without the Internet. It's also known as meta-technology because it impacts other technologies. It comprises various components, including a database, software application, and a network of connected computers. The phrase is sometimes used to refer to the Bitcoin or Ethereum blockchains and other times to refer to other virtual currencies or digital tokens. However, the majority of them are discussing distributed ledgers.

What the Blockchain isn't

  • Blockchain is not the same as Bitcoin; instead, it is the technology that allows Bitcoin to exist.
  • The digital token is Bitcoin, and the Blockchain is the ledger that keeps track of who has the digital tokens.
  • Bitcoin cannot exist without Blockchain, but Blockchain may exist without Bitcoin.