What is a Blockchain?

Hi friends
Like the most of you here I have been following and investing in cryptocurrencies for a long time and I have stumbled upon this term ‘blockchain’ a lot of times and I guess it’s safe to say you all have too. In the beginning of my journey I didn’t pay much attention to the term and thought I wouldn’t hurt if I ignored it but after constantly being bombarded with it I finally decided to learn a little about it. At first I was a little intimidated by it because I had heard it in lots of youtube videos and and youtubers would then blabber some mumbo jumbo which wouldn’t go in my thick skull but after a few google searches I think I now have a good idea what blockchain is about.

A blockchain is a decentralised ledger meaning that it is a store of info and it doesn’t have a single owner or authority governing it’s activities. Thus it means that there are no chances of human interference like hacking into the blockchain as there is no centralised database due to the data being hosted by millions of computers all around the world.

Information is stored in it using ‘blocks’. A block can be considered as a container of info that stores the address of your cryptos (or any other info). So whenever a new transaction is made a new block is added to the chain of already existing blocks and the data in the previous blocks cannot be altered it can only be viewed and hence is permanent. Like this the blockchain creates an everlasting record of all the transactions.

As I stated earlier the blockchains are hosted by millions of computers around the world and they constantly refresh and are updated with the new transactions that occur every second.

This is just a gist of what I have learnt up until now. I hope that I have helped at least some of you to understand just a bit about blockchain. There is still an ocean of knowledge about blockchain in which I would like to dive into and share my knowledge with everyone but that is for another day. If there is something else that you know about it and would like to share please tell me in the comments. Goodbye friends and I hope that you have a great day.