Blockchain – The Basics

Blockchain – Definition

In its simplest definition, Blockchain is a shared, immutable ledger that records transactions as they happen. What does this mean? As most of us know that ledger is a book of accounts where no entry is deleted. Even if it is incorrect, it is rectified with another entry. The same is the case with blockchain. You can write a transaction to the blockchain, but you can’t delete it once it has become part of a block. This makes the entry immutable. By shared, it means that a blockchain is not located on a single computer but is shared by a network of computers. The blockchain network doesn’t operate in a client-server model, it works as a peer-to-peer network. That means all the computers on the network works as a peer to the other. They are not connected to a server for resources. That is why it is often called a decentralized network.