Blockchain technology can serve as a decentralized permanent unalterable database of all types of information. As the name suggests, it is a chain of “blocks” containing the transactions/information and as it gets longer, older information becomes more reliable, as each block has a cryptographic reference to the previous one. It is a technology that consists of a ‘distributed database’ – a database distributed across several computers and geographies. All these databases store a copy of the exact same dataset, in chronological order. Thus, in order to fraud this system, each dataset will have to be hacked at the exact same time, which is practically impossible.
What is Blockchain?