What is blockchain?

A blockchain is a type of database that collects information together in groups, also known as blocks, that hold sets of information.

A blockchain is a type of database. A database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information.

One key difference between a typical database and a blockchain is the way the data is structured. A blockchain collects information together in groups, also known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are chained onto the previously filled block, forming a chain of data known as the “blockchain.”

This is all completed in a decentralized manner. Instead of housing all of the computers in a warehouse, which would be centralized, they are stored around the globe by individuals or groups and are referred to as “nodes”. These nodes each have a record of the date that is stored on the blockchain.