Blockchain is a digital ledger
You can think of blockchain as a special database that can be used to store information such as transaction data that contains the date, time, amount, and the parties involved in the transaction.
Blockchain is a network
This data will be converted into code (via cryptography) and each block containing data will be connected to other blocks to form a chain of transactions.
Blockchain is public
Blockchain functions as a public record of an activity that is real and has occurred. This means that everyone in it can access and view the transaction records in it.
Transactions on the blockchain cannot be edited
All transactions based on blockchain technology are relatively safe because users cannot easily edit or change all transaction records in it (via a sybil attack).
Peer to peer decentralized
Blockchain allows direct transfers between individuals (peer-to-peer) in a decentralized manner. In fact, all of the above blockchain functions can be performed by an ordinary database. However, what has generally happened is that the database is owned by a particular institution or institution.
Meanwhile, blockchain is a decentralized technology. The developer cannot control transactions between users. Moreover, no single government owns and controls blockchain technology.
Blockchain is a peer-to-peer network, so even if one node is not functioning properly, other users can still communicate and use the technology.
What is Node in Cryptocurrency?
Nodes are one of two important elements in blockchain technology, namely devices in a network that can receive and convey information.
Who is Miners in Cryptocurrency?
Miners are another important element and are nodes that perform updates or updates by creating blocks containing transaction data while nodes verify all transaction blocks and those that will be recorded in them.
In general, all transactions that use blockchain technology are carried out using a medium of exchange that functions like fiat money in real life. This medium of exchange is commonly known as crypto currency.