What is Blockchain

Blockchain technology or distributed ledger technology DLT is a special type of database that stores data in a decentralized way, on multiple nodes instead of a single central server. With each new transaction, data is stored in a new block. Data cannot be deleted or altered. Only new data can be added. The data is encrypted and timestamped, ensuring security and transparency. Verification of transactions is done through mining, which also results in adding new blocks to the chain. Mining requires very high computational power and is rewarded to incentivize miners. Blockchain technology is the technology behind cryptocurrency, but has many applications in different fields. Blockchain could be used by both private businesses and public adminstrations.