Blockchain, also known as distributed ledger technology, is a distributed and decentralized digital ledger technology used to record transactions across multiple computers in a way that ensures the security, transparency, and immutability of data. The technology offers a secure way for individuals to deal directly with each other, without an intermediary like a government, bank or other third party.
When we say blockchain is decentralized, we mean that the blockchain is not controlled or owned by a single central entity or authority. Rather, control, decision-making, and data management are distributed across multiple participants in the network. The participants agree on what the true ledger or set of transactions that have happened is. Therefore, anytime there is a change, or a new transaction is recorded, the message is broadcast out to anyone else monitoring the blockchain to add the transaction to their ledger.
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