What is blockchain and its example?

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system . A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

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What is blockchain in real life?

Blockchain technologies are the digital, distributed, and decentralized ledger representing the most virtual currencies that are accountable for logging all transactions without the need for a financial mediator, such as a bank . In other words, it’s a new means of transmitting funds and logging information.

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Are there private blockchains?

In a public blockchain, anyone is free to join and participate in the core activities of the blockchain network. A private blockchain allows only selected entry of verified participants ; the operator has the rights to override, edit, or delete the necessary entries on the blockchain.

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