ELI5: what is blockchain
// explanation
What is blockchain?
Blockchain is like a shared notebook that many people keep copies of, where everyone can see what's written in it [1][3]. Once something is written down, no one can erase it or change it, which makes it super safe [5].
Why does it work like a chain?
Imagine each page of the notebook is connected to the page before it with a special seal [5]. If someone tries to change something on an old page, the seal breaks and everyone notices [4].
What can you use it for?
Instead of trusting one bank or company to keep track of your money or stuff, lots of people can check the records together and make sure everything is honest [1][3].
Why is it hard to cheat?
Because the same information is stored on many computers at once, a cheater would have to change it on all of them at the same time, which is almost impossible [4][5].
// sources
Blockchain is a shared, immutable digital ledger, enabling the recording of transactions and the tracking of assets within a business network.
Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores ...
Jun 6, 2024 ... Blockchain is a secure database shared across a network of participants, where up-to-date information is available to all participants at the same time.
Apr 18, 2022 ... So there you go: A blockchain is a decentralized ledger organized in blocks, linked together like a chain. The integrity of the whole thing is ...
A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes.
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