What is a Blockchain? A Beginner’s Guide to the Technology Behind Cryptocurrency

“Blockchain” — You’ve heard the term, but what is it?

Blockchain technology is the backbone of many modern technologies and innovative projects, such as cryptocurrency and decentralized apps. It is a digital ledger of transactions, that is maintained and secured across a network of computers, rather than a central authority. In this beginner’s guide, we’ll explain what blockchain is, how it works, and why it is important.

What is a Blockchain?

A blockchain is a digital ledger of transactions that is maintained and secured across a network of computers, rather than a central authority. Each block in the chain contains a number of transactions, and once a block is added to the chain, it cannot be altered or deleted. This makes blockchains highly secure and transparent.

Blockchains are decentralized, which means that there is no single point of failure and no single entity that can control or shut down the network. Instead, the network is maintained and secured by a network of users, known as nodes, who work together to validate transactions and add them to the blockchain.

How does a Blockchain work?

Blockchains work by using a consensus mechanism, where nodes in the network come to…