A blockchain is a decentralized digital ledger that records transactions across a network of computers. It is a chain of blocks, where each block contains a list of transactions. When a new transaction occurs, it is verified by network participants and added to a new block.
The key feature of a blockchain is its immutability. Once a transaction is recorded on the blockchain, it cannot be altered or deleted. This makes the blockchain secure and transparent, as all participants in the network have access to the same information.
In cryptocurrency, blockchain technology is used to create a secure and transparent system for recording transactions. Each transaction is verified by multiple participants in the network, ensuring that only valid transactions are added to the blockchain.
Overall, blockchain technology has revolutionized the way transactions are recorded and has become a fundamental aspect of the cryptocurrency ecosystem. It provides security, transparency, and decentralization, making it a valuable tool for conducting financial transactions in the digital world.
