What is a blockchain

[Jon Snow]

Blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency is maintained across several computers that are linked in a peer-to-peer network.

[Sarah Mikulina]

A blockchain is a distributed database or ledger shared between nodes on a computer network. As a database, a blockchain stores information in an electronic digital format. The blockchain is best known for its crucial role in cryptocurrency systems such as Bitcoin, as it records transactions in a secure and decentralised way. The innovation of the blockchain is that it ensures the fidelity and security of the data recording and establishes trust without the need for a trusted third party.

One of the main differences between a conventional database and a blockchain is the data structure. In a blockchain, information is aggregated into groups called blocks, which store sets of information. Blocks have a certain capacity, and when filled, they close and link to a previously filled block, forming a chain of data called a blockchain. Any new information that comes after the block that has just been added is added to the newly formed block, which is also added to the chain as soon as it is filled.

While a database usually structures data in tables, a blockchain, as its name suggests, structures data in interconnected pieces (blocks). This decentralised data structure makes the timeline irreversible. When a block is filled, it becomes part of this timeline. Each block in the chain is assigned a precise timestamp when it is added to the chain.

[Ener Spi]

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