What is blockchain?

Question

Could someone tell me what is blockchain?

Answer 1

Blockchain is a relatively new technology in the IT industry. Blockchain is basically a type of database which stores the information in a block format. Then the new information is stored on a new block if the previous block is filled, and is then chained onto the previous block, in chronological order.

Blockchains could be used to store any type of information, but since it is a relatively new technology, it is majorly used now for storing transactions. Blockchain is a type of database, which works in a decentralized way, and that means everyone retains control. These blockchains are also immutable, which means the data once entered is irreversible.

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