How Does a Blockchain Work

what is the blockchain

What is Blockchain?

Blockchain technology is the digital decentralized ledger that makes cryptocurrency transactions possible. It’s essentially a public record of all financial transactions that is accessible to anyone who participates in the network.

Because blockchain is decentralized, no one person or company controls the system. Instead, the ledger is verified and maintained by a network of computers that confirm transactions and add them to the public record.

And because blockchain is immutable and transparent, these records are accurate and tamper-proof. The public ledger is not controlled by any one person, but by a network of computers that agree on what information gets added to the blockchain.

cryptocurrency transactions are secure and cannot be altered

blockchain

Therefore, cryptocurrency transactions are secure and cannot be altered once they’re added to the blockchain. This is because the network is designed to add new transactions to the chain, but not remove them.

When a transaction is made with cryptocurrency, a record of this transfer is added to the blockchain and verified by the network. This makes it impossible for someone to spend the same amount of cryptocurrency twice because it’s added only once.

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