Blockchain is an enduring record of data that is managed by a cluster of high-performance computers not owned by a single entity. At the most basic level, Blockchain is a chain of blocks that are made up of digital pieces of information. These blocks store information about transactions like time, date, and amount of your recent purchases. Blocks store information about who is participating in the transactions. The purchases made are recorded without any identifying information by using the digital signature. The information stored on the blocks is such that it distinguishes from the other blocks. Each block stores a unique code called a hash, which allows anyone to distinguish it from other blocks.

Hashes are the cryptographic code that is created by unique algorithms. When a block stores new data, it gets stored on the Blockchain. It consists of multiple blocks that are strung together. For a block to be added to the Blockchain, a transaction must occur, it should be verified and stored. When a new block is added to the Blockchain, the blocks become publicly available for anyone to view.

Bitcoin Price Touches a New High of $12K in More Than a Year

The price of Bitcoin (BTC) on August 17, 2020, reached $12,198.17, thanks to growing interest and confidence of institutional investors ...