How Blockchains Work: A Brief Introduction and Must-Know Terms

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A blockchain is a growing list of records called blocks that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Blockchains are essentially databases but databases that cannot be modified once data has been recorded on them, data in any given block can't be altered ex post facto without altering all subsequent blocks. A shared immutable ledger that provides an immediate, safe and transparent exchange of encrypted data simultaneously to multiple parties as they initiate and complete transactions. A distributed ledger is a database but unlike centralized databases, there is no central administrator.