Blockchain is a distributed, immutable ledger that maintains a continuously growing list of records (blocks) linked and secured using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
Key characteristics:
Decentralized: No central authority controls it
Immutable: Once data is recorded, it's extremely difficult to change
Transparent: All transactions are visible to network participants
Consensus-driven: Network participants agree on the state of the ledger
The blockchain works by having network participants (nodes) validate transactions, group them into blocks, and add these blocks to the chain through a consensus mechanism.
Rewriting in plainer words…
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