Blockchain Explained: What is Blockchain Technology?

Blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as "completed" blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

A blockchain consists of numerous blocks of data.
The data that is stored on a blockchain is distributed across the network of computers that make up the blockchain. This means that no single entity can control or tamper with the data. This makes blockchain a very secure way of storing data.

Blockchain is often referred to as a Distributed Ledger Technology (DLT). This is because each computer or 'node' in the network has a copy of the ledger. This makes it very difficult for anyone to tamper with the data.

Blockchain technology offers unparalleled security and transparency in data management. Its decentralized nature ensures that no single entity can manipulate the records, making it ideal for applications beyond cryptocurrencies, such as supply chain management and voting systems.