What is block chain in simple words?

 Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

What is Blockchain and how does it work?

A Blockchain is a type of diary or spreadsheet containing information about transactions. Each transaction generates a hash. ... Each block refers to the previous block and together make the Blockchain. A Blockchain is effective as it is spread over many computers, each of which have a copy of the Blockchain.

What is the main purpose of Blockchain?

A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting, and many other issues.

Who owns the Blockchain?

The answer is that no one really owns Blockchain technology, although specific and individual Blockchains can be owned by different organisations.Apr 19,

What is Blockchain and why is it important?

By spreading its operations across a network of computers, blockchain allows Bitcoin and other cryptocurrencies to operate without the need for a central authority. This not only reduces risk but also eliminates many of the processing and transaction fees.