A blockchain is a distributed database that is used to store a record of transactions. It is called a “chain” because it consists of a series of blocks that are linked together. Each block contains a record of multiple transactions, and once a block is added to the chain it cannot be modified.
The database is decentralized, which means that it is not controlled by a single entity or organization. Instead, it is maintained by a network of computers (also known as “nodes”) that work together to validate and record transactions.
One of the key features of a blockchain is its security. Transactions on a blockchain are secured using cryptography, which makes it difficult for anyone to tamper with the records. The decentralized nature of the database also makes it resistant to censorship or tampering by a single entity.
Overall, a blockchain is a secure and transparent platform for the storage and transfer of data or value. It has the potential to transform many different industries and is being explored for a wide range of applications.