A blockchain is a distributed ledger that is completely open to any and everyone on the network.
Blockchain technology allows to transfer digital data using a high sophisticated coding and in a completely secure way. The innovative factor about this technology, is the absence of a centralized intermediary, it’s distributed in multiple independent nodes that register and validate it without the need for trust between them.
The first example of blockchain technology are the recordings of bitcoin transactions.
You can imagine the blockchain as a book of records. Every page in that book is a block in the blockchain. And every page could record any type of information. Blocks are created one after the other and chained together in sequence.
The blockchain is very unique because it is being simultaneously created and maintained by thousands of individuals all at the same time. In other words, every single person has their own copy and they are all recording, verifying, and updating the data at the same time.
Because blockchains don’t rely on records being kept by any single person or group, its data is very, very secure. In fact, in bitcoin’s history, there is no known instance of anyone creating counterfeit money or falsely manipulating the data.
While bitcoin’s blockchain is the most famous, there are thousands of blockchains in existence. Not all blockchains are created equal.
Blockchains can be used to record all sorts of information including, personal data, digital art and music, medical records and much more.