What is blockchain?

What is Blockchain? 

The blockchain is a distributed database that allows for secure, transparent and tamper-proof record-keeping. It is the underlying technology behind cryptocurrencies like Bitcoin and Ethereum. In a nutshell, the blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as "completed" blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere. The blockchain is an innovative way of storing data that has the potential to revolutionize the way we interact with the digital world. For example, the blockchain could be used to create a decentralized social network or a new type of internet-based marketplace. What makes the blockchain so special is that it is not controlled by any single entity. Instead, it is a decentralized network that is managed by its users. This means that there is no central point of failure and no single entity that can be shut down or censored. The blockchain is an incredibly powerful tool that has the potential to change the way we live and work. It is important to understand how it works and how it can be used to create new applications and platforms.