What is Blockchain?

Blockchain is a type of distributed ledger for maintaining a tamperproof record of permanent transactions. It functions as a decentralized database in a peer-to-peer network. The computers in the network must verify the transactions by solving the hash or unique string of letters, and then the block is added to the blockchain. Each ensuing block in the ledger uses the previous block’s hash to calculate its own hash — hence, the “chain.”