What is a blockchain and how does it work? Definition and Applications by Arthur · November 3, 2022 Blockchains are public and immutable, so they are a way to facilitate and store digital transactions. Shubham Dhage via Unsplash; Canva What is a blockchain in simple terms? A blockchain, at its most basic level, is a digital ledger of transactions stored on many different computers (called nodes) connected by a network. It is composed of a series of “blocks”, which are essentially digital baskets that can be filled with records of transactions. Once the transactions in a block are verified via a consensus between nodes in the network, that block is “closed” and added to the existing, immutable, chronological chain of previous blocks.
