A blockchain originally is growing list of records, called Block, which are linked using cryptography. The blockchain is an undeniably ingenious invention of “the brain child of person or group of people known by the pen name, Satoshi Nakamoto, who introduced it in 2008 to serve as the public transaction ledger of the crypto currency.
A blockchain is a digitized, decentralized public ledger of all cryptocurrency transactions. Which is constantly growing as complete the most recent transaction are recorded and added to a Block in chronological order. It allows market participants to keep track of digital currency transaction without central record keeping. Each node (A computer connected to the network) gets a copy of blockchain, which is downloaded automatically.
Blockchain can only update by consensus between participants in the system, and when new data is entered, it can never be erased. The blockchain contains true and verifiable records of each and every transaction ever made in system.Blockchain is described as a value exchange protocol. Blockchain exchange of value can be completed quicker, safer and cheaper than any traditional system.
The whole family of blocks is called blockchain. Every node has a copy of the blockchain. Once a block reaches a certain number of approved transaction then a new block is formed. The Bitcoin Blockchain used to update itself in every 10 minutes (which is being reduced drastically). It does so automatically. No master or central computer instructs the computer to do this. As soon as the spreadsheet or ledger registry updates, it can no longer be changed. Thus it’s impossible to forge it. You can add only new entries to it. The registry will update on all computers on the network at the same time.
No, they are not, however they are closely related. When bitcoin was released as open source code, blockchain was wrapped up together within the same solution. Bitcoin transactions are stored and transferred using a distributed ledger on a peer-to-peer network which is completely open, public and anonymous. Blockchain is underpinning technology that maintains the bitcoin transaction ledger.
The bitcoin in its simplest form is a data base or ledger comprised of bitcoin transaction records. However, this database is distributed across peer-to-peer network and without a central authority, network participant must agree on the validity of transaction before they can recorded. This agreement, which is known as “consensus”, is achieved through process is called “mining”.