Integrate your Business with Blockchain today
One simple way to deal with the concept involves dividing the word into two, a block and a chain, as blockchains are essentially sets of data (block) that are merged together (chain) as they are processed.
The data provided in these data blocks might contain a myriad of different sets of information such as the date of the transaction, anonymous IDs of both ledgers and exact amount of the transaction.
Most blockchains have opted for open, public records too - so every single transaction that takes place can be observed by interested parties, even if they will not see anything that might be traced back to individuals.
Along with this public model for transactions, what also propelled blockchains into today’s spotlight is their extreme levels of security: Blockchain protocols have solved a significant issue known as the Byzantine General’s Problem.
By solving this decades-old dilemma that deals with how multiple negative indicators might result in a system to proceed as normal instead of halting its operations, it can be stated that blockchain protocols cannot be hacked nor altered, making it one of the most secure protocols that ever existed to this day - if not the safest.