What is Blockchain?
At its core, a blockchain is data storage and management across multiple networked computers rather than a single database. Every transaction, every pass of information has bits of data that become stored in a ‘block’ the moment they happen. Blocks can consist of hundreds of transactions at once. Once the block is created, it is verified by hundreds or thousands of computers, with the majority determining whether the information within is accurate. That block is stored at the end of the chain, a chain built upon multiple other blocks. It allows for quick and secure access to any point in the chain without compromising the security of those involved.
Think of it as an online store purchase. When you go through the checkout process, every piece of information you put in is encrypted, then passed by multiple computers. Each computer determines whether you did indeed purchase this item, and upon confirmation submits the information to the chain. Now that purchase is stored amongst the chain securely, and can only be accessed by an agreed upon vote. If the store you purchased from didn’t use the blockchain, and instead used a single provider to process payment, a hacker need only access that single provider to have your information. The blockchain would need the majority to agree to let the hacker in, which is a statistical impossibility.