Blockchain

A blockchain is a decentralized, peer-to-peer ledger system composed of a continuous chain of blocks. Each block in the chain builds upon the one before it, creating a verifiable and immutable record of transactions.

The blockchain technology is the underlying structure that supports cryptocurrencies like Bitcoin. It allows for the independent verification of the accuracy of the ledger, ensuring transparency and security in transactions.

The first block in any blockchain is known as the genesis block. Each subsequent block contains a cryptographic hash of the previous block, a timestamp, and transaction data, making it nearly impossible to alter previous transactions without the consensus of the network.