What is Blockchain?

Blockchain is a data storage technology that is used to store transactions or information in a distributed and secure manner. Its main idea is that there is no central server or single entity that controls the data, but rather the data is distributed across several computers around the world.

Imagine that you have a notebook (called a blockchain) and you write all the transactions and information in it, but instead of the notebook being owned by one person, it is owned by all participants in the network. Every time a change or a new transaction occurs, this transaction is added to the notebook, and it is stored in a block that contains several transactions, and each new block is linked to the block before it in an unchangeable way.

Example:

1. $BTC is a famous example that uses blockchain technology when sending Bitcoin from one person to another, this transaction is recorded on the blockchain network, ensuring that it is not tampered with or forged.

2. Smart contracts: Another technology that uses blockchain, such as Ethereum, these contracts can implement agreements between multiple parties without the need for an intermediary. For example, if a house is sold, the payment automatically goes from the buyer to the seller if the conditions specified in the smart contract are met.

Blockchain allows users to transact with each other securely and transparently without having to trust a single entity such as a bank or government.