What is blockchain?

Blockchain is often associated with Bitcoin and other cryptocurrencies, but the technology has a range of other potential uses. At its simplest, a blockchain is a distributed database that is used to record transactions.

Each transaction is verified by a network of computers and then added to the blockchain as a block. Once a block has been added to the blockchain, it cannot be altered retroactively, making the blockchain an immutable record of all transactions. This transparency and immutability are what make blockchain so attractive for use cases such as tracking provenance or supply chain management.

In addition, because blockchain is decentralized, it does not require a central authority to verify or approve transactions. This makes it an ideal platform for facilitating peer-to-peer exchange, whether it be digital assets or fiat currency. With no central authority controlling the flow of money, blockchain has the potential to revolutionize the way we interact with the financial system.

Blockchain is a distributed database that enables secure, transparent, and tamper-proof handling of data. The name comes from the fact that data is stored in blocks that are chained together. These blocks can contain transactions, smart contracts, or other information. Blockchain is best known for being the technology behind Bitcoin, but it has many other uses.

For example, blockchain can be used to create a decentralized exchange where buyers and sellers can trade without the need for a third party. It can also be used to track the movement of fiat money or other assets. Ultimately, blockchain has the potential to revolutionize the way we handle data.