1-A blockchain is a particular kind of shared database that varies from other databases in that it saves data in blocks that are subsequently connected via cryptography.
2-A new block is created as each new piece of data arrives. The data is chained together in chronological sequence once the block has been filled with information and is attached to the block before it.
3-Although other kinds of information can be maintained on a blockchain, a transaction ledger has so far been its most popular use.
4-Blockchain is used in the context of Bitcoin in a decentralized way, ensuring that no one user or group has power but rather that all users collectively maintain control.
5-Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.
How Does a Blockchain Work?
Blockchain aims to make it possible to share and record digital information without editing it. In this way, a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed. This is why blockchains are also known as a distributed ledger technology (DLT).
First proposed as a research project in 1991, the blockchain concept predated its first widespread application in use: Bitcoin, in 2009. In the years since, the use of blockchains has exploded via the creation of various cryptocurrencies, decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and smart contracts.
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