What is the Blockchain?

The blockchain is the technology behind Bitcoin. It is a public record that stores all transactions. Instead of one central database, the blockchain is shared across thousands of computers worldwide. Once information is added, it cannot be changed or deleted.

Transactions are grouped together into blocks. Each block contains:

• A list of recent transactions
• A timestamp
• A reference to the previous block

By linking blocks together, a chain is formed. This is where the name blockchain comes from.

The blockchain removes the need for trust in a central authority. No single party controls it. Everyone follows the same rules. Everyone sees the same history.

This makes the system:

• Transparent
• Secure
• Resistant to manipulation

The blockchain is what allows Bitcoin to exist without banks.