Definition:
A blockchain is a permanent and secure digital record of cryptocurrency transactions. The transactions are recorded chronologically and are available to be viewed publicly. The blockchain, as its name suggests, comprised of a linkage of blocks, where each block is simply a batch of completed transactions. Individual blocks are secured by linking them with previous blocks via complex mathematical functions.
Explanation:
A blockchain can be thought of as a record book, or ledger, where each page of the book represents a block (i.e., a group of transactions). And, just like a physical book, the transactions are recorded in sequence. On the Bitcoin network, for example, transactions that are performed by individuals worldwide are broadcasted to the network. Miners then organize these transactions into groups, called blocks, and, using their computers, work on complex math problems to link one block to another; thus, forming a chain of blocks, or, blockchain.
However, what makes blockchains unique is their incorruptibility, i.e., once data is written to the blockchain, it cannot be altered. The unique way in which blocks are linked means that changing one block would require all previous blocks to be changed as well, making it virtually impossible to compromise previously written data.
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