A blockchain is a digital record of transactions. The records, called blocks, are linked together in single list, called a chain. It is a distributed ledger of all transactions across a peer-to-peer network.
In simple terms, it is a database like MS Excel or Oracle, but it comes with upgraded features like – immutability, distributed Ledgers, consensus, enhanced security and fast settlements . It has the potential to grow to be a bedrock of the worldwide record-keeping systems.
Using this technology, participants do not need third party platforms to record transactions and also can confirm transactions without a need for a central clearing authority. The first use case of Blockchain was Bitcoin, a cryptocurrency.
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