Each block contains a cryptographic hash of the previous block, creating a chain of blocks, hence the name blockchain.
Once a block is added to the blockchain, it cannot be altered or deleted, making the system tamper-proof and resistant to fraud.
The nodes in a blockchain network work together to validate and confirm transactions, ensuring consensus and preventing malicious activity.
Blockchain technology has various applications beyond cryptocurrency, including supply chain management, digital identity verification, and voting systems.
The most well-known blockchain is the Bitcoin blockchain, which was created in 2009 and is used to power the Bitcoin cryptocurrency.