What is blockchain?

Blockchain is one the mostly used buzz now a days in the world of technology and everyone want to know what is blockchain and how it works?

Blockchain is a decentralized (not controlled by central authority), distributed database, which maintains a continuously growling list of records that is called block. Each block can represent a various transactional record and the chain can link them together using a hashing function.

The blockchain concept was introduced in 2008 by Satoshi Nakamoto. Satoshi Nakamoto is the name used by unknown group of people or person who described a pure peer-to-peer version of electronic cash system known as Bitcoin and the blockchain technology make its debut publicly. The blockchain was invented first by digital currency (Bitcoin).

The whole blockchain is stored on the large network of computers, meaning to say that not a single person or authority has control over its history.

How does this work?

Hundreds of computers around the world are connected to the blockchain and each of one of them holds a copy of Blockchain history record.