In its simplest form, blockchain can be broken down into two main components.
The first is how the information is stored. Blockchain technology relies on a network of computers working together, simultaneously. This creates the distributed ledger. Each of these computers holds all the information on the blockchain. When there is an addition or a change to the ledger (a new block of information), each computer on the network will store this new block of information as the newest link on the chain.
A blockchain can be either public or private, and a public blockchain can store private, encrypted information.
The second is how information in a block is created or verified. Each block of information is encrypted and then inextricably linked (chained) to previous blocks of information once consensus among participating computers is reached. In order for a block to be accepted by the network, it needs to be validated through a mechanism of computational work, and the change must be verified by more than 50% of the computers. Once the validity of the new information is confirmed by the majority of computers, that block is saved as a new link in the ledger.
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