Blockchain is known as a “distributed ledger” that record transactions across many computers around the world. These recorded transactions cannot be changed, deleted or destroyed and that is what makes blockchain special and free from centralized economy.
It is believed that blockchain technology was invented by Satoshi Nakamoto in 2008, who used this for public transaction without the need of approval of any authorities.
Blockchain is made by blocks which contains data, the hash of the block and the previous hash of the block.
The data that is stored in the block contains information about transaction such as sender, receiver, the amount of coins etc.
The hash is like the identifier of block and also is unique for each block.
The previous hash is used to create effectively a chain of blocks or known as blockchain.
The video below explains well the blockchain technology:
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