Blockchain = Database + Network
A blockchain is a 🎯 Decentralized Network, and 🎯 Distributed Database / Digital Ledger.
A blockchain is a Decentralized Network, and Distributed Database / Digital Ledger.
1. Distributed Database / Ledger
At its core, a blockchain is a type of database that differs from traditional databases in how it stores information.
Blockchains store data in blocks that are then chained together.
As new data comes in, it is entered into a fresh block.
Once the block is filled with data, it is chained onto the previous block.
This chains the data together in chronological order.
2. Decentralized Network
Unlike traditional databases that are centralized, blockchain technology relies on a peer-to-peer network.
It is decentralized, meaning that no single person or group has control. All users collectively retain control.
This decentralization is crucial for its operations and security.
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