Blockchain – Definition and Example

Blockchain Definition of Terms for Beginners

What is Blockchain in a few words?

Blockchain Definition

Blockchain is a decentralized ledger that operates within the global network of computers or computing devices. The ledger is used to store the users’ data and confirm all transactions carried out by the network participants.

The unchangeability of information which was written in the database along with the absence of necessity for intermediaries (banks, governments) to maintain and verify transactions are the blockchain’s main features.

The information stored on the vast majority of blockchains is publicly accessible; however, the ledger is absolutely secure because hacking it would require the unprecedented amount of computation power.

Blockchain example by CryptoZebra

Blockchain definition and example by CryptoZebra
Blockchain definition and example by CryptoZebra

 

Leave a Comment

Your email address will not be published. Required fields are marked *