Blockchain is a fundamental concept in understanding the way cryptocurrency works. But it's not only limited to its application in crypto.
The blockchain is a database that stores information from transactional records in a universal ledger. Assets are traded and tracked on the blockchain, reducing risk and cutting costs for everyone involved.
Blockchain allows you to send money to a friend in seconds without worrying about banking fees and other charges. You can also store cash in an online wallet and don't need anyone's permission to move it or transfer ownership.
Every block on the blockchain has a specific number of transactions. When a new block generates on-chain, it's added to each network node's ledger and uses distributed ledger technology (DLT).
A key concept of blockchain is that it's decentralized, which allows for transparency and real-time access to assets. Being decentralized also enables the network participants to be collectively responsible for the security, as opposed to having a centralized entity like a bank or governing body.
Other fundamentals of blockchain technology include being immutable and distributed. Since the ledger is immutable, you can always trust that the information is accurate because no one can alter it.
Since the blockchain is also distributed, it potentially protects users from network attacks and other instances of fraud and cybersecurity threats.