Blockchain is a revolutionary digital database that has revolutionised how transactions work. It intends to provide a safe and secure mode of transacting by using digital cryptocurrencies that cannot be manipulated by anyone.
A blockchain is made up of a set of blocks that record transactional information such as who is sending and receiving a transaction, and the amount of the trade. A new block is created every time someone makes a transaction. Each block is then linked to the previous one, creating a chain of records called a ledger.
One of the main features of blockchain is the fact that it is completely decentralized. There is no central authority controlling the database. Every participant has a copy of every transaction that has taken place on the chain.
All transactions have to be validated and added to the blockchain by miners. Validation looks different depending on what kind of blockchain you’re transacting on, you can see our explainers on Proof of Work and Proof of Stake here.