Blockchain Explained

What is Blockchain?

A blockchain is a distributed ledger that maintains a continuously growing list of records, called blocks, which are linked and secured using cryptography.

Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data, making it nearly impossible to alter past records.

How Blockchain Works

When a transaction occurs, it's broadcast to a network of computers (nodes). These nodes validate the transaction using consensus mechanisms.

Once validated, the transaction is added to a block, which is then added to the blockchain. This creates an immutable record of all transactions.

Key Features

• Decentralization: No single point of control
• Immutability: Records cannot be altered
• Transparency: All transactions are public
• Security: Cryptographically secured
• Consensus: Network agreement on validity