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Blockchain is the underlying technology used by cryptocurrencies like Bitcoin.
Blockchain is a digital ledger, which is computer code that acts as a virtual wallet. It can contain cryptocurrencies, or can contain information. Each participant in the blockchain has their own wallet, or their own information.
Exchange of that information, or exchange of cryptocurrencies, activate a signal (activation code) is verified by the entire group in the distributed space throughout the network. This is a key feature of the technology because it makes that information or the exchange of that “cryptocurrency”, because it institutes a level of trust.
It’s not just a single person or entity verifying the information, the entire blockchain verifies that information. This essentially can prevent fraud. Peer to peer transactions that don’t require a 3rd party to verify those transactions.
The “block” part of Blockchain is because all of the transactions are grouped together in blocks. What defines that block is a period of time. All of the computers or the “nodes” in the network are trying to solve a mathematical equation. That’s called mining and they get payments for that. This sets a time limit and tells you what happened first and what happened where and keeps the integrity of the network and those transactions. So there’s this publicly viewable “ledger”, that keeps everyone honest.
There’s no single node that can act as the “stopping point”, all of the computers are working in congress, working together.
originally posted by: grey580
BTC isn't the only coin out there.
Newer blockchains are out with better technology.
There's delegated proof of stake.
Which is better than delegated proof of work.