Last updated a few seconds ago by Alejandro Zaldivar
Blockchain technology is a distributed and decentralised database that allows parties to trust each other and transact without the need for intermediaries. The technology became popular thanks to its use in cryptocurrencies, but its scope is much broader and can be applied to a wide variety of fields.
Blockchain is a digital record of transactions that is stored on a network of computers around the world. Instead of having a centralised record, information is stored in blocks that are linked together by a chain. Each block contains a series of transactions that have been validated by the network, ensuring their veracity and security.
Decentralisation is one of the main characteristics of blockchain technology. Unlike centralised systems, such as banks or insurance companies, blockchain networks are owned by their users and not by a single entity. This means that there is no single point of failure and that the network is resistant to censorship and external control.
Security is another key feature of blockchain technology. Each block in the chain is cryptographically protected, making it very difficult to alter or tamper with. In addition, users can choose to maintain their privacy, as transactions are anonymous and their identities are not revealed.
In short, blockchain technology is a distributed and decentralised database that is used to store and verify information on a network of computers around the world. It offers advantages in terms of decentralisation, security and privacy that can be applied to a wide variety of fields beyond cryptocurrencies.