What is a Blockchain?

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A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, blockchain stores information electronically in digital form. Blockchain is known for its pivotal role in cryptocurrency systems like Bitcoin to keep a secure and decentralized record of transactions. The innovation of blockchain is that it guarantees the fidelity and security of data records and establishes trust without the need for a trusted third party.

The goal of a blockchain is to record and distribute digital information, not edit it! In this way, the blockchain is the basis for an immutable ledger or record of transactions that cannot be altered, erased or destroyed. Hence, blockchain is also known as Distributed Ledger Technology (DLT).

Due to the decentralized nature of the Bitcoin blockchain, all transactions can be viewed transparently by having individual nodes or using a blockchain browser that allows anyone to view transactions in real-time. Each node has its own copy of the chain, which is updated as new blocks are confirmed and added. This means you can track bitcoins anywhere.