Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain.
What is the best simple explanation of blockchain?
Blockchain is a method of recording information that makes it impossible or difficult for the system to be changed, hacked, or manipulated. A blockchain is a distributed ledger that duplicates and distributes transactions across the network of computers participating in the blockchain.
What is blockchain example simple?
Using the Bitcoin system as an example, here's how blockchain — also known as distributed ledger technology — works: The purchase and sale of Bitcoin is entered and transmitted to a network of powerful computers, known as nodes.
What is blockchain for beginners?
Distributed ledger technology (DLT), also known as the blockchain, is a distributed database that maintains a continuously growing list of digital transactions. Transactions are spread across many nodes in the network, making it difficult for anyone to tamper with them.
How do you explain blockchain to a child?
Blockchain is essentially a network of computers, or "nodes," that share the same transactional history. The information is now dispersed throughout the entire network rather than being held by a single organization or database.
What is the basic principle of blockchain?
But blockchain uses the three principles of cryptography, decentralization, and consensus to create a highly secure underlying software system that is nearly impossible to tamper with.