blockchain is a distributed database shared among the nodes of a computer network. A node is a point of intersection or connection within a data communication network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems for maintaining a secure and decentralized record of transactions.

A distributed database represents multiple interconnected databases spread out across several sites connected by a network. A decentralized network does not store any of its information In a central location. It is copied and spread across a network of computers.

Blockchains collect information together in groups known as blocks that hold sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the blockchain.

It is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. A ledger is a computerized record of all the transactions a business or individual has completed.

Benefits of Blockchain

• Better Transparency
• Enhanced Security
• Reduced Costs
• True Traceability
• Improved Speed and Highly Efficient

Blockchain is ideal for delivering information immediately, shared, and completely transparent. The information is stored on an immutable ledger that can be accessed only by permission network members.

A blockchain structures its data into chunks or blocks that are strung together. This data structure inherently makes an irreversible timeline of data when implemented in a decentralized nature. When a block is filled, it is set in stone and becomes a part of this timeline. Each block in the chain is given an exact timestamp when it is added to the chain.

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack or cheat the system.