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What Is A Blockchain And How Does It Work?

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Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.

A blockchain is a decentralized database or digital ledger of transactions. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.

In traditional transactions, each party would keep its own ledgers or records of transactions. For example, you may log a sale in a receipt book and give the customer a receipt. With a blockchain, the sale is recorded digitally, approved, and verified by the network, making it impossible for individuals to alter the details.