Really, trying to explain the blockchain is like explaining what the internet is
. I will be explaining in the best form what the blockchain is and what you need to know about the blockchain. Hang on!.
WHAT IS THE BLOCKCHAIN?
The
blockchain in its simplest form is a chain of blocks containing transaction data which are recorded in the database which is the chain. The data in the blocks consist of information about the transactions including the value, date, time, digital signature and the cryptographic hash ( I know you must be confused what there are, i will be explaining soon).
Not all blockchains are the same so they may have different characteristics. For example, Bitcoin’s
blockchain is a type of distributed ledger which is public and decentralized but you may have other blockchains modifies to fit specific purposes as they may be centralized.
Each block in the blockchain has a unique cryptographic hash and transaction timestamp and for each time a new block is formed, it contains the cryptographic hash of the previous block, so it generates in a chronological order forming a chain of transaction. The blockchain only comes into play when a crypto transaction has been verified.
Unlike other transaction database that stores information about individuals, the blockchain uses a digital signature instead. Now lets quickly look into what a digital signature is. A digital signature is simply just like a regular signature to show that something has been approved or authorized. A digital signature is used by a user to authorize crypto transations. It consists of a public and private key pair. A digital signature is not the same for every transaction as it changes everytime. Producing a signature requires your private key and a set of data. The private key ensures only you can produce the signature and this also depends on the data which changes for every transaction making it almost impossible to copy or forge a digital signature. The digital signature is further verified using the public key. A digital signature is incredibly sensitive as any slight change to the data will cause the signature to change.
The
blockchain is updated every second and as new transactions occur, and blocks must be added to the blockchain in order to continue storing transaction data. Before a new block can be added to the blockchain, it must be verified, this is done by a network of computers. To ensure that the network of computers adding blocks to the blockchain are secure, they must first pass the test in order to take part in a blockchain. This particular test is called
THE CONSENSUS MODEL which is considered to be one of the most important characteristics within the blockchain.
Not all blockchains are the same and therefore, they may have different characteristics. The blockchain technology is adaptable and can be modified to fit specific purpose. Blockchain isn't just used for storing and recording information about digital transactions, it can also be used to store information about property exchanges and also medical records.
This will be all for now! I hope this helped!
what do you think about the blockchain? Drop your additions and corrections 
