#Blockchain a look at the basics
At first the blockchain might seem complex but in reality, it’s very simple. The blockchain is just another type of database for recording transactions – once a transaction occurs, it is copied to all of the computers in a participating network and this is sometimes referred to as a ‘distributed ledger’.
Data is stored in ‘blocks’, and there are two main features about ‘blocks’ to know:
Content: mainly a list of instruction statements and digital assets (such as transactions made) and the amounts and addresses of the parties to those transactions.
Header: metadata, such as unique block reference number, the time the block was created, and a link back to the previous block (Deloitte corporation, 2016).
Given the latest block, it is possible to access all previous blocks which are linked together through a chain (blockchain). As participants in the network grow it becomes harder for malicious actors to overcome the verification processes that are completed by the community (Deloitte corporation, 2016).