It is the new age technology on the lines of AI and ML. It is not restricted to crypto currency only. There re other applications of blockchain which improve transparency and security. It basically is a decentralised database cryptographically secured. The database is called a ledger. It enables parties to execute transactions and confirm them with no outside intervention of a central clearing agency. It is thus an efficient system for quick transactions.

There is a computer network on which the blockchain relies. Such computers are called nodes. These nodes could be controlled by one party or multiple parties. In case there is multiple party control, there comes a decentralised network. The data is more reliable as it is not controlled by a single individual or organisation.

If new data has to enter this the blockchain, all nodes must agree to it. Thus data cannot be tampered. It is accurate and reliable. All data in the blockchain is digitally signed — who has given entry to the data or the current owner of the asset.

Blockchain networks can be public or private. In private blockchain, there is access to only verified partners.

Blockchains are used for cross-border transactions. They can be used along with other technologies such as AI or ML.

Blockchains have led to new things such as Web 3.0, DeFi and NFTs.