A blockchain is a network of decentralized and distributed data (ledger), meaning the users share the ownership and management of the network through computer nodes. As a database, blockchain stores information in a digital format. Blockchain technology stores data in blocks and link them together to form a chain. The blocks have a specific capacity and, when filled, are closed and linked to the previous block. Any newly added information after the last block is compiled into a newly formed block and added to the chain once filled. Blockchain is famous for its critical role in cryptocurrency systems like Bitcoin. It maintains a decentralized and secure record of crypto transactions. Therefore, blockchain can guarantee the fidelity and security of data records and generate the need for a third party.
Read more : Advantages And Disadvantages Of Blockchain Technology.
