Blockchain is a system of recording information in a way that makes it difficult, if not impossible, to change, hack, or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
Blockchain technology provides a dynamic shared ledger that can be applied to save time when recording transactions between parties. It also removes costs associated with intermediaries, and reduces risk of fraud and tampering.