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Posted by TechnoDG on 6 month(s) ago .

Blockchain is a distributed ledger technology that records transactions across multiple computers in a way that is secure, transparent, and tamper-resistant. It forms the foundation for cryptocurrencies like Bitcoin, Tether, BNB, XRP, USD Coin, Cardano and has applications beyond finance, including supply chain management, voting systems, and more.

A blockchain consists of programs called scripts that conduct the tasks you usually would in a database: Entering and accessing information and saving and storing it somewhere. A blockchain is distributed, which means multiple copies are saved on many machines, and they must all match for it to be valid.   

In a simple word, the information blocks are linked like a chain to interact with each other as to form a transaction. In short, we can give an imaginary example for you to understand better. Say, Nemo, Shark, Dolphin are three brothers and they were going home and, in a way, nemo got lost and one unknown person came to his way and told him that his brothers send him to take nemo but nemo wasn’t sure whether he is good or bad one so he asked a code (hash) which his brother shark and dolphin gave him for his security. And the person couldn’t tell the code and he was saved from falling into wrong hand. So, from this example you can understand what blockchain is. It may go in a different direction but ultimately will come together as they are related to each other.

The blockchain collects transaction information and enters it into a block, like a cell in a spreadsheet containing information. Once it is full, the information is run through an encryption algorithm, which creates a hexadecimal number called hash. The hash is then entered into the following block header and encrypted with the other information in the block. This creates a series of blocks that are chained together.   

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