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Blockchain is a continuously replenishing chain of records in the form of blocks, each containing a hash of the previous link, a timestamp, and transaction data. Its advantages are transparency of transactions, confidentiality of participants, decentralization, and cryptography.
To put it simply, a blockchain is a system for recording information in such a way that it can’t be changed, replaced, or deleted. This digital ledger is duplicated and distributed across the entire network of participants and their devices. Each block in the chain contains a certain number of transactions, and each time a validated transaction is included in the next block, a record of it is automatically added to the ledger of each participant in the network.
To be more precise, a blockchain is a type of distributed ledger in which transactions are recorded with an immutable cryptographic signature called a hash. So, for example, if one block in the chain was forcibly changed, it would be immediately obvious to everyone that it was forged.
Blockchain technology refers to DLT and solves security and trust issues due to the fact that new blocks are stored linearly, always in chronological order. Once another block has been added to the end of a chain, it’s very difficult to go back and change its contents. And in general, it’s impossible, as each block contains its own hash together with the hash of the previous block. And thanks to the consensus algorithm, a chain can’t have several parallel branches at the same time.
Blockchain is useful for business because it improves processes both within and between companies. It greatly reduces the ‘cost of trust.’ In practice, it can be applied in many fields of activity, for example: financial services, trade, logistics, healthcare.