BLOCKCHAIN...!
A word that contains so much strength and power in it is defined as a distributed and immutable LEDGER that allows data to be stored on million of networks together.
Now what is a ledger...?
a ledger is simply a collection of financial accounts or transactions , for example the current banking system we see around us is an example of collection ledger.
What does immutable means...?
Immutable means that a ledger cannot be changed ever again , i.e once a transaction is recorded in blockchain it can never be changed or undone in any way.
that simply means that the amount that was send by one person to another and the person involved in that transaction can also not be changed by any means.
So we can say that once a transaction is being performed it is set in stone and cannot be reversed.
What is distributed characteristic of Blockchain...?
Now this is one of the most important properties , that make blockchain different from current world ledger system we talked about above.
what we see in the current world ledger system is that , the system is centralised i.e it is being controlled by one individual entity.
Now , when it comes to Blockchain we say it is distrbuted in nature i.e in blockchain the ledger is not controlled by a single entity. Rather it is ran by thousands and millions of independent people , group or nodes.
each individual or group can act as a node and every node is connected to various other nodes present in the network.
