Main Features of Blockchain Technology

Blockchain was created originally to serve as a decentralized recorder of Bitcoin transactions that occur inside the Bitcoin network. A distributed, decentralized database basically means a storage unit in which the ledgers are stored and are not linked to a single processor. The blockchain is a growing listing of transactions in the form of blocks.

Each block is time-stamped and is then linked to the preceding block, which is then incorporated into the chain. Before computers, people kept their important documents safe by making lots of copies of them and storing them in impenetrable steel safes, buried treasure chests, or bank vaults. For added security, you could translate those documents in a secret dialect, only you would be able to comprehend.

In this way, in the event that someone attempted to get into your bank account and steal all your belongings, they won't be able to comprehend your messages in cryptic language as well as you'd have backups elsewhere.  Blockchain is a way to put this concept on steroids. You can find out more in detail on 

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Imagine that you and a million other friends can create copies of your entire documents, then encrypt them using specific software, and store the copies in virtual banking vaults (computers) all over the internet. This way, even in the event that a hacker gets into, steals, or destroys your PC, they aren't able to interpret your data. Likewise, your group of friends has backups of 999,999 of your data.

Blockchain in the simplest terms. Special files, scrambled with encryption software so that only certain people can read them, save on normal computers, linked together over a network or via the internet. The files are called ledgers – they record your data in a specific way.