Feb 10
2018
What is a blockchain?

A blockchain is a decentralized digital ledger which is shared between every node on the network. For a device to become a node on a blockchain, a user must acquire that blockchain's token on the device so that it can be recognized as such and then be a part of the digital ledger. This ledger stores all of the data on each node across the system in such a way that it is all immutable; that is, it can never be modified or deleted. This process occurs simultaneously on all the machines on the network by having them solve a mathematical cryptographic puzzle which is heavy on the machine's computational power and can take a significant time to complete. This is the process which is called mining and a machine which is used for this is called a miner. Miners are typically in competition with each other to completely mine the transaction first as its only that miner who is rewarded with more tokens for completing the task. This is what has led to the cost of computer components costing so much as the demand for better hardware for miners has increased the price. One of the most popular of blockchains right now is the Bitcoin blockchain which functions as a cryptocurrency with a public digital ledger and was one of the very first to do this.