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What Is Blockchain?

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Blockchain is an encrypted database storing system. Unlike conventional systems, it stores information in blocks, which are then joined as a chain.
 
It offers innumerable benefits, one of which is it makes transactions more secure and error-free. The technology underpins the digital currency, Bitcoin. Cryptocurrency usage has increased significantly in the last decade because major payment systems decided to accept Bitcoin.
 
Benefits:
  • Blockchain works on consensus algorithms, which makes it almost impossible to break into.
  • Data is stored on a network, making it easily available to users.
  • The blockchain system is decentralized, and thus, is less prone to mistakes. 
  • Data can be transferred across the network without the need for intermediaries.

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