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What Is A Blockchain And What Is Its Purpose?

FeaturedVid Sep 27

A blockchain can be thought of as a decentralized database or register that is shared between the various computers on a network. It is a kind of database that stores information digitally and electronically. The advantage of using blockchain technology is that it builds trust without the need for a third party to verify it, thereby guaranteeing the accuracy and integrity of any data record that it stores.

A simple database will typically organize its data in tables, while a blockchain organizes its data into parts known as blocks, which are then connected to one another in a chain. A blockchain organizes the data it stores into groups, which are called blocks, and each block can store a specific set of data. All blocks are linked to the block that came before them in the chain of data that makes up the blockchain. Each block has a fixed storage capacity to store a new record or data.  Each new piece of data that is received is appended to a new block as it is received. After all of the data has been entered into the block, it is then chained onto the block that came before it, which causes the data to become linked together in the correct chronological order. 

The objective of blockchain technology is to make it possible to store and transmit digital information while preventing it be edited in any way. In this sense, a blockchain serves as the basis for immutable ledgers, which are essentially recordings of transactions that can’t be changed, erased, or otherwise destroyed. All data stored on the blockchain are subject to validation by a decentralized system of several thousand computers. Because of this, practically all human involvement in the validation process is eliminated, which leads to fewer errors caused by humans and more accurate records of the information.


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