What Is a Blockchain and How Does It Work? Definition & Applications

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The Street

By TheStreet Staff 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) that are linked 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, unalterable, chronological chain of previous blocks. Most often, blockchains are used to buy, sell, trade, and record t…

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