A Blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. BlockchainsA blockchain is a distributed database that is shared among the nodes of a computer network. Read More are best known for their crucial role in cryptocurrencyA digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by... systems, such as BitcoinBitcoin is a cryptocurrency. It is a decentralized digital currency that is based on cryptography. As such, it can operate without the... Read More, for maintaining a secure and decentralizedDecentralization, an aspect of blockchain technology, facilitates power or authority distribution among individuals, groups, or institutions. A decentralized structure allows... Read More record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.
One key difference between a typical database and a blockchain is how the data is structured. A blockchain collects information together in groups, known as blocksGroups of data within a blockchain. On cryptocurrency blockchains, blocks are made up of transaction records as users buy or sell... Read More, that hold sets of information. Blocks have certain storage capacitiesThe plugin doesn't mess with the featured image feature either, but allows WordPress and the theme we choose to hide/show... Read More and, when filled, are closed and linked to the previously filled block, forming a chainA chain is a linear sequence of data blocks. Each block contains a cryptographic hash of the previous block and... Read More of data known as the blockchain. All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled.
A database usually structures its data into tables, whereas a blockchain, like its name implies, structures its data into chunks (blocks) that are strung together. This data structure inherently makes an irreversible timeline of data when implemented in a decentralized nature. When a block is filled, it is set in stone and becomes a part of this timeline. Each block in the chain is given an exact time stamp when it is added to the chain.
