What is Blockchain?

Blockchain is a peer-to-peer ledger system that allows peers to transact directly with each other eliminating the need for a central authority.

At its core, blockchain is a system for recording information about a transaction in a new decentralized way that makes it difficult or impossible to alter.?These transactions are stored on sheets or blocks in a digital ledger that is shared among the participants of the network.?Consensus on the transactions, brings the peer-to-peer network into agreement. Once the agreed-upon transactions blocks are recorded in the immutable ledger, trust becomes a fundamental component built into the system.

Different types of information can be stored on a blockchain, but the most common use so far has been as?a ledger for transactions. In Bitcoin's case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control.