Blockchain is an information storage technology similar to databases. Each block of the chain is linked to the previous one. The blockchain of information is known as the transactional ledger.

🎓 Blockchain is a shared immutable ledger for recording transactions that are maintained across several computers linked in a peer-to-peer network.

In other words, you can say that it is a public database that is updated and shared across many computers in a network. Why immutable? On blockchain, it is possible to create new transactions or get historical ones, but no update or delete transactions are allowed.

Since blockchain works on decentralized platforms, it offers significant advantages for business operations in terms of transparency, elimination of third parties, cost reduction, and cryptographic security.

Related terms
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Proof of Work (PoW)

Proof of Work (PoW) consensus mechanism requires the people who own the computers in the peer-to-peer network to solve a complex mathematical problem to be able to add a block to the chain.

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