A blockchain is a decentralized and distributed ledger that, thanks to encryption, makes every operation or data inserted on it irreversible. Its main features are transparency and decentralization.
A blockchain is a decentralized, distributed ledger that records operations or transactions on multiple computers secured by cryptography. It’s made up of a series of records grouped into blocks chained together by the hash function. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
The main feature of distributed ledger technology is that any record cannot be altered retroactively without altering all subsequent blocks and the network's consensus.
Unlike a traditional database controlled by a single entity, a blockchain is maintained by a computer network that works together to validate and record transactions. This decentralized nature makes it difficult for any single entity to manipulate the data on the blockchain, providing a secure and efficient way to store and manage data.
Recorded transactions are visible to everyone on the corresponding block explorer, making it difficult for individuals or groups to hide or manipulate transactions.
Blockchains are used in various applications, including creating digital currencies, supply chain management, identity verification, voting systems, and decentralized applications.
Overall, a blockchain is a secure and transparent way to store and manage data in a decentralized manner. It has the potential to revolutionize the financial sector thanks to the spreading of Decentralized Finance.