What is Blockchain? How does Blockchain work?

What is Blockchain?

Blockchain is an immutable, distributed ledger in which a block of data is encrypted and locked. Stored chronologically, the data is easily auditable.

Each block is timestamped and linked to the subsequent blocks as transactions occur within peer-to-peer networks. The networks adhere to predetermined protocols to automate verification and compliance throughout workflow and processes.

How does blockchain work?

While every implementation is a little bit different, the diagram below provides a basic concept of how blockchain works.

How does blockchain work?