Blockchain is a series of immutable records called blocks. These blocks are linked to one another in a chain. Hence referring as blockchain.
Blockchain technology was first introduced to the public when Bitcoin came into the market.
Each Block in a blockchain is connected to another block using cryptographic rules.
This chain of blocks is accessible to the public community.
Therefore Blockchain has no centralized storage of the blocks.
Data in blockchain is immutable meaning that you cannot modify the data after it has been recorded in the block.
When a block is created it is verified by thousands of computers around the network.
Blockchain is said to be a ledger that is shared across the network. The ledger is encrypted in a such a way that only the authorised person can access it.
As the blockchain is available to the public, it cannot be easily tampered.
Smart contracts are stored in blockchain and executed automatically.
How Blockchain works?
Record of digital agreement from each party is verified by a group of nodes in the blockchain network.
A record is accepted only if it contains validated details.
The record is added into a block which also contains other records.
This block generates a hash. A hash is a unique code generated by the block in the chain.
Along with the new generated hash, it also contains the hash of the previous block in the chain.
This block is now ready to be added to the chain of blocks.
The hash code is there to connect the blocks in the blockchain.
Today the price of bitcoin, which uses the concept of blockchain itself is a whooping amount of 9138.01 USD.