WHAT IS BLOCKCHAIN

 WHAT IS BLOCKCHAIN?

A blockchain is a distributed database or ledger that is shared by computer network nodes. A blockchain is an electronic database that stores digital data. A blockchain collects data in groupings called blocks, which individually include sets of data. Blocks have specified storage capacity, and when they are full, they are sealed and joined to the block that came before them to form the blockchain data chain The most well-known application of blockchain technology is for maintaining a secure and decentralized record of transactions in cryptocurrency systems such as Bitcoin. The peculiarity of a blockchain is that it develops trust without the need for a trustworthy third party by maintaining the integrity and security of a data record. The way data is organized on a blockchain is fundamentally different from how it is traditionally organized. Every subsequent piece of information that follows that newly added block is merged into a new block, which is then added to the chain when it is complete A blockchain, as the name implies, divides data into parts (blocks) that are linked together, whereas a database normally divides data into tables. When employed decentralized, this data structure produces an irreversible data chronology by design. When a block is finished, it is sealed and placed to the timeline. 

Although different types of information may be stored on a blockchain, a transaction ledger has been its most common application thus far in the context of Bitcoin, blockchain is used in a decentralized way, guaranteeing that no one user or organization has authority, but rather that all users collectively maintain control. Because decentralized blockchains are immutable, the data stored on them cannot be altered.  An accurate timestamp is assigned to each block when it is added to the chain. 

A blockchain is a type of shared database that differs from conventional databases in that it saves data in blocks that are then linked via cryptography. With each new piece of data that enters, a new block is formed. After the block has been filled with information and attached to the block before it, the data is chained together in chronological order The development of many cryptocurrencies, decentralized financial applications, non-fungible tokens (NFTs), and smart contracts has resulted in a tremendous surge in the use of blockchains since then. Because of the Bitcoin blockchain's decentralized nature, all transactions may be transparently examined by using blockchain explorers, which let anybody to review transactions in real time, or by owning a personal node.

This means that Bitcoin transactions are publicly viewable and permanently recorded. Blockchain intends to make it easy to distribute and record digital information without changing it. A blockchain is the foundation for immutable ledgers, which are records of transactions that cannot be modified, erased, or destroyed. As a result, the phrase "distributed ledger technology" now includes blockchains. Long before Bitcoin became a widely utilized application in 2009, the blockchain concept was first proposed as a research project in 1991.