#TradingTypes101 link A blockchain, or "chain of blocks", is a type of decentralized and distributed digital database used to securely and immutably record transactions. Imagine it as a digital ledger that is shared and updated in real time across a network of computers, rather than being managed by a single central entity.

Here are its key features:

* Blocks: Information (typically transactions) is grouped into "blocks". Each block contains data about the transactions, a unique identifier (known as a "hash"), and the hash of the previous block.

* Chain: These blocks are cryptographically linked in a chronological sequence, forming a "chain". Once a block is added to the chain, it is extremely difficult to alter it without changing all subsequent blocks.

* Decentralization: Unlike traditional databases controlled by a central authority (like a bank or a company), a blockchain does not have a single point of control. Instead, it is maintained and verified by a network of computers (known as "nodes").

* Distribution: Each node in the network has an identical copy of the entire blockchain. When a new block is added, it is distributed to all nodes, and they must reach a consensus on its validity before it is incorporated.

* Immutability: Once a transaction is recorded in a block and added to the chain, it is nearly impossible to modify or delete it. If there is an error, a new transaction must be added to correct it, and both transactions will be visible. This feature makes it very secure and resistant to manipulation.

* Consensus: For a new block to be added to the chain, the majority of participants in the network must verify and approve the transaction.