Blockchain is a decentralized, distributed ledger technology that records transactions across many computers, ensuring transparency and immutability. Each 'block' contains a timestamped batch of valid transactions, and once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
Blockchain
Definition
Blockchain is a decentralized, distributed ledger technology that records transactions across many computers, ensuring transparency and immutability. Each 'block' contains a timestamped batch of valid transactions, and once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
Example
Bitcoin transactions are recorded on a public blockchain, where every participant can view the history of transactions, but no single entity controls the network.
Key Points
- 1It's the foundational technology for most cryptocurrencies.
- 2Data is secured using cryptography and is immutable.
- 3Operates on a decentralized network, meaning no central authority.
- 4Offers transparency and tamper-resistance for records.
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