Blockchain is a digital ledger divided or easier to understand than the database in a network. The ledger is shared for network participants. This implies that in the entire system there is not only a single location, a document can be the only authority, because duplicates of the same version of the ledger are located at many places.
All of these copies are updated when new data or transactions are written to the blockchain through the consent of all participants. Miners are responsible for approving transactions and monitoring the network by solving sophisticated formulas with the help of computers. It is a P2P peer-to-peer system, eliminating all intermediaries, enhancing security, transparency and stability as well as reducing costs and human error.
By allowing the distribution of digital information but not copying, blockchain technology has created the backbone of a new type of Internet.
In the book Blockchain Revolution (2016), Don & Alex Tapscott stated that “Blockchain is an unbreakable digital ledger of economic transactions, which can be programmed to record not only the Financial transactions that can record everything valuable “.