What is Blockchain ? A simple introduction
Blockchain is just a ledger that will keep the record of transactions that have taken place. We can compare it to the records that have been maintained by the bank of its customers transaction.
Here the records or ledger is controlled by the bank itself (only bank have access) but in case of blockchain the ledger is shared among thousands of nodes(computers) called miners.
So we can say Blockchain is Decentralized as no single authority has control over the records or the network.
Why is it called Blockchain?
Transactions are recorded in a Block by the miners and once the block reach its limit(1Mb) a new block is generated and will be linked to the previous block using hash ( will discuss later) which will create a chain of blocks hence the name Blockchain.
Some features of Blockchain are — (not present in case of banks)
Decentralized-already discussed
Transparent -Anyone can see the transactions recorded on the Blockchain.
Immutable -Records cant be altered or changed easily.