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What is Blockchain?
Blockchain is the database technology that underpins cryptocurrencies. Unlike traditional databases, the blockchainis a distributed ledger with information replicated across a number of sources.
The distributed ledger has a higher trust value, since it is not prone to human error or fraud—information is replicated across many nodes of computers making it difficult to manipulate, forge or hack.
Transactions are verified on the leger by ”miners,” which are nodes of computers that validate and process transactions on the blockchain.
The miner that verifies the transaction first and puts together the chain is rewarded for their efforts by payment in the cryptocurrency. This is how the blockchainbecomes secured.
Systems are difficult to hack given the computing power needed to do so, and hacking would also likely cause the value of the currency to decline, thus making efforts counterproductive.