Blockchain technology is a database mechanism that stores data in blocks that are linked together in a chain. The blocks confirm the exact time and sequence of transactions, and the blocks link securely together to prevent any block from being altered or a block being inserted between two existing blocks. Because the data is chronologically consistent, you cannot delete or modify the chain without consensus from the network. Amazon AWS What is Blockchain? - Blockchain Technology Explained - Amazon AWS Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain. The data is chronologically consistent because you cannot delete or modify the chain without consensus from the network. As a result, you can use blockchain technology to create an unalterable or immutable ledger for tracking orders, payments, accounts, and other transactions. The system has built-in mechanisms that prevent unauthorized transaction entries and create consistency in the shared view of these transactions. IBM What Is Blockchain? - IBM These blocks form a chain of data as an asset moves from place to place or ownership changes hands. The blocks confirm the exact time and sequence of transactions, and the blocks link securely together to prevent any block from being altered or a block being inserted between two existing blocks. ... Each additional block strengthens the verification of the previous block and hence the entire blockchain. Rendering the blockchain tamper-evident, delivering the key strength of immutability. Removing the possibility of tampering by a malicious actor, and builds a ledger of transactions you and other network members can trust. Blockchain technology has many advantages, including: Highly secure: Uses a digital signature feature to conduct fraud-free transactions Decentralized system: Transactions are done with the mutual consensus of users, resulting in smoother, safer, and faster transactions Eliminates the need for third-party verification: For example, business owners incur a small fee when they accept credit card payments, but blockchain eliminates the need for third-party verification Blockchain technology has been used in the creation of various cryptocurrencies, decentralized finance applications, non-fungible tokens, and smart contracts. It has also been used in supply chain management, healthcare, identity management, voting systems, finance and banking, and media and entertainment. Blockchain technology was first proposed in 1991 as a research project, but in 2009, Blockchain was used in bitcoin. Bitcoin is a cryptocurrency which is built on the basis of Block technology. Generative AI is experimental. For financial advice, consult a professional. .