What is blockchain? A digital database used to store data for crypto transactions and other assets (2023)

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Dom Personal finance Investment Cryptocurrency

Wrote Rickie Houstoni Tessa Campbell; arranged Laura Grace Tarpley

Updated

2023-05-31T15:48:11Z

What is blockchain? A digital database used to store data for crypto transactions and other assets (1)

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  • What is blockchain?
  • How blockchain works
  • What is blockchain used for?
  • Advantages i mane blockchaina
  • Building a blockchain
  • The bottom line
What is blockchain? A digital database used to store data for crypto transactions and other assets (2) What is blockchain? A digital database used to store data for crypto transactions and other assets (3)

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  • Blockchain is a decentralized, digital database that stores transactions and other forms of data.
  • Key features of blockchain include immutable records, distributed ledger security, and smart contracts.
  • Blockchain has many other uses beyond cryptocurrencies.

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It's almost impossible to say "cryptocurrency" without mentioning blockchain technology. Blockchain is a digital public ledger that securely stores segments of data through a self-governing, peer-to-peer (P2P) network of computers. And some of its key components include irreversible records (i.e. immutable blocks of data), decentralized transactions and smart contracts.

Decentralized digital assets like crypto andstable coinsuse blockchain technology to buy and sell assets. Centralized Banking Digital Currencies (CBDCs) are centralized currencies and do not use blockchain.

Here's how blockchains work — with a closer look at their advantages, disadvantages and potential applications.

What is blockchain?

Blockchain is a digital database that stores "blocks" of data in chronological order. These blocks are interconnected on what is known as a "chain", and unlike traditional databases that use a third party or intermediary, blockchain is completely decentralized.

This means that no third party can monitor or interfere with transactions. The blockchain system is essentially self-regulating, thanks to a P2P computer network of nodes (ie individual computers) that verify all new data and distribute cross-network copies of the blockchain to keep it secure.

"Blockchains are made of, well, blocks," explains Lorien Gabel, co-founder and CEOFigment.io. "Each block contains a timestamp, transaction data, and a mathematical function from the previous block. The computers that mine the blocks or run the validation nodes that sign the blocks will include that mathematical function — called a cryptographichash— from the previous block to the current block to form a chain."

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How blockchain works

Cryptocurrencies would essentially not exist without blockchain. This technology relies on a distributed ledger that keeps track of all past, present and future data (eg transactions or accounts).

"Blockchain is typically used to build a distributed ledger," Gabel says. General ledgers, he added, track accounting transactions and accounts — we can think of them as a database that stores information. "Distributed ledgers do not need to be on the blockchain to be considered 'distributed', they just need to be shared with other computers on the network."

But several other features separate blockchain technology from traditional databases controlled by financial institutions. These include immutable or immutable records and smart contracts.

Non-refundable transactions

Every transaction that nodes add to the blockchain is permanent. So once the computer network verifies the data and adds it as a new block, that record is permanent. And this serves much more important purposes than just keeping the system running.

"Transactions are irreversible, permanently recorded and accessible to everyone. It is challenging and complicated for any actor to change or falsify the data recorded in the ledger," explains Gabel.

To change the data in the ledger and for the modified chain to become the majority chain, someone would have to change their own copy of the ledger while adjusting at least 51% of other users' copies of the database. Therefore, the immutable records component makes it extremely difficult to hack the system.

Smart contracts

"[A smart contract] is a self-executing contract with the terms of the contract written directly into lines of code on the blockchain," Gabel explains. This allows them to execute once the conditions are met.

But as for the blockchain process, here's how it works: whenever a new transaction occurs (eg an order to buy bitcoin or ether), that data is sent to a network of computers (nodes) that solve mathematical equations to confirm the transaction.

If a transaction is rejected, it will not appear on the blockchain. But if confirmed, the nodes will add the data as a new block to the ledger, linking it to previous blocks (and those that follow) to maintain the security of the chain. Once this step is done, the transaction is complete.

What is blockchain? A digital database used to store data for crypto transactions and other assets (7)

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What is blockchain used for?

Cryptocurrency is probably the first thought of many people when it comes to blockchain, but this technology has many other uses:

  • Banking and finance: Blockchain has many uses for transferring money, especially forfiat currencies(eg USD, EUR or JPY) that individuals usually exchange through financial institutions such as banks or payment services.
  • Crypto currency:This is perhaps one of the most well-known uses of blockchain technology. Blockchain stores data for all cryptocurrency exchanges.
  • Health care:Blockchain has several applications in the medical industry. It can be used to secure medical records, health data and other related electronic records.
  • Property records: Whether it is property documents or other assets, this technology can further confirm property transactions between two parties.
  • Voting:Although not currently in place, the idea of ​​using blockchain to improve the voting process has become a topic of discussion. Arguments in favor state that this could prevent voter fraud and offer a simpler way of counting votes. Those against insist that such a system could pose a national security concern.

"Blockchain technology offers a solution to the challenges of data storage, management and protection," says Gabel. "It provides a useful and secure way to authenticate information, identity, transactions and more, creating a secure ledger that can be updated in real-time."

Blockchain: advantages i mane

Blockchain has several uses, including cryptocurrency transactions, fiat transfers, and more. However, there are pros and cons to consider.

ProsAgainst
  • Faster transactions and 24/7 access

  • Very secure as it is a distributed ledger that creates multiple copies of the database online

  • No third parties or intermediaries

  • Data is not completely invulnerable to attacks
  • Electricity consumption can be harmful to the environment
  • The lack of a central intermediary prevents account recovery if you lose your private key

There are many benefits to blockchain secured transactions. Its efficiency, security and lack of intermediaries can make it an ideal option for those who want to securely store a range of data.

However, since there is no centralized party to manage the database, you can never recover any assets if you lose your private key. This is important to keep in mind if you want to take advantage of blockchain powered transactions.

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Building a blockchain

You can build your own blockchain (or upgrade/modify an existing blockchain) if you have coding and/or advanced IT knowledge. By building your own blockchain, you can design your own cryptocurrency that others can trade. You will be able to choose its purpose, tokenomics, functionality and legality.

You create a blockchain by:

  • Design yourself from scratch:If you are particularly skilled with coding and computers, you may be able to create your own blockchain from scratch. You'll need to establish a secure network, create a working algorithm, choose a protocol, follow legal regulations, and make sure your code has strong defenses against hacking and other fraudulent activities.
  • Modification of existing blockchain: A slightly simpler (not necessarily easier) method of creating a blockchain is to modify the open source of an existing chain and revise it to your liking. That way you can extend algorithms that already work and maybe even improve functionality.
  • Upgrade to an existing blockchain:This method does not necessarily mean "creating" a blockchain, but allows you to design your own cryptocurrency on top of an already existing blockchain, such as Ethereum or Binance. It is easier than the other two methods, but also more restrictive.

Creating your own blockchain is not recommended for novice crypto traders or novice coders. Creating a functional and secure blockchain is an extremely difficult project, and the competition is fierce. Only advanced traders and computer experts will be up to the task.

Blockchain technology

Blockchain technology uses a P2P network of computers to securely process and store transactions in a digital database. Unlike traditional databases that rely on central authorities, blockchain completely removes the need for intermediaries.

Security is another major component of blockchain technology. Some of its key features — including immutable records and smart contracts — work to keep all data secure.

Overall, blockchain technology has many uses in the crypto world and beyond, but it's important to understand how it works before using it.

Rickie Houston

Senior Wealth Building Reporter

Rickie Houston was a senior wealth building reporter for Business Insider, covering brokerage products, investment apps, online advisory services, cryptocurrency exchanges and other wealth building financial products. Prior to Insider, Rickie worked as a personal finance writer at SmartAsset, focusing on retirement, investing, tax and banking topics. He has contributed stories published in the Boston Globe, and his work has also been featured in Yahoo News. He graduated from Boston University, where he worked as a writer and sports editor for the Boston University News Service. Learn more about how Personal Finance Insider selects, rates and covers financial products and services »

Tessa Campbell

Junior Investing Reporter

Tessa Campbell is a junior investment reporter for Personal Finance Insider. He writes content related to investment and retirement. She initially joined the PFI team as an Associate for the 2022 Personal Finance Review. Her love of books, research, crocheting and coffee enriches her daily life.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any card issuer.Read our editorial standards.

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FAQs

What is blockchain? A digital database used to store data for crypto transactions and other assets? ›

Blockchain is a type of shared database that differs from a typical database in the way it stores information; blockchains store data in blocks linked together via cryptography. Different types of information can be stored on a blockchain, but the most common use for transactions has been as a ledger.

What database is used to store blockchain? ›

MongoDB Atlas, the database-as-a-service cloud solution from MongoDB, is perfect for storing a blockchain ledger. Its flexible schema makes it easy to store complex objects such as transactions. It provides enterprise-grade security.

Which technology does blockchain uses for storing transactional data? ›

Blockchain is a combination of three leading technologies: Cryptographic keys. A peer-to-peer network containing a shared ledger. A means of computing, to store the transactions and records of the network.

What is blockchain in simple words? ›

Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain.

What is blockchain used for? ›

Blockchain technology can be used to create a permanent, public, transparent ledger system for compiling data on sales, tracking digital use and payments to content creators, such as wireless users or musicians.

What is an example of a blockchain data? ›

Blockchain example: Bitcoin

The purchase and sale of Bitcoin is entered and transmitted to a network of powerful computers, known as nodes. This network of thousands of nodes around the world vie to confirm the transaction using computer algorithms. This is known as Bitcoin mining.

What is the name of the Bitcoin database? ›

The bitcoin blockchain is a public ledger that records bitcoin transactions.

What names are given to a database where all cryptocurrency transactions are recorded? ›

A blockchain is a decentralized, distributed database that stores a record of all transactions that have ever occurred on the network.

Where is all the data for a blockchain stored? ›

Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers.

What are the 2 types of blockchain data types stored on the blockchain? ›

String and hex string data types require more capacity than integer types when a number becomes bigger.

What is the difference between Bitcoin and blockchain? ›

Bitcoin is a cryptocurrency, while blockchain is a distributed database. Bitcoin is powered by blockchain technology, but blockchain has found many uses beyond Bitcoin. Bitcoin promotes anonymity, while blockchain is about transparency.

What is blockchain and how does it work for dummies? ›

Blockchain provides the means for recording Bitcoin transactions — the shared ledger — but this shared ledger can be used to record any transaction and track the movement of any asset whether tangible, intangible, or digital. For example, block- chain enables securities to be settled in minutes instead of days.

What is the difference between cryptocurrency and blockchain? ›

The difference between cryptocurrency and blockchain can be summed up quite simply: Cryptocurrency is a digital currency, while blockchain is the technology that underlies it. Cryptocurrency relies on blockchain, a decentralized ledger that records all transactions.

What are 4 uses of blockchain technology? ›

Blockchain increases trust, security, transparency, and the traceability of data shared across a business network — and delivers cost savings with new efficiencies. Blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission.

How to use blockchain in real life? ›

Top Blockchain Applications To Know
  1. Money transfer.
  2. Smart contracts.
  3. Internet of Things (IoT)
  4. Personal identity security.
  5. Healthcare.
  6. Logistics.
  7. Non-fungible tokens (NFTs)
  8. Government.

What records all the transactions in a blockchain? ›

In a blockchain, each node has a full record of the data that has been stored on the blockchain since its inception. For Bitcoin, this data includes the entire history of all Bitcoin transactions. If one node has an error in its data, it can use the thousands of other nodes as a reference point to correct itself.

Can a blockchain be hacked? ›

Blockchain technology has many built-in security features that make it difficult for hackers to corrupt. While a cryptocurrency hacker can take over a blockchain, they can likely steal tokens from sources such as a wallet or a cryptocurrency exchange.

What are the disadvantages of blockchain? ›

What Are The Disadvantages Of Blockchain Technology ?
  • Private keys.
  • Possibility of disruption of network security.
  • High costs of implementation.
  • Inefficient mining process.
  • Environmental impacts.
  • Storage problems.
  • Anonymity.
  • Immutability.
Mar 2, 2023

How does blockchain data look like? ›

Blocks are linked “back,” each referring to the previous block in the chain. The blockchain is often visualized as a vertical stack, with blocks layered on top of each other and the first block serving as the foundation of the stack.

Who tracks Bitcoin transactions? ›

The Bitcoin blockchain is a public ledger that records all transactions involving Bitcoin. It is possible to trace the movement of funds and determine how they are being used by tracking down these transactions in order to follow the trail of money.

Is there a Bitcoin database? ›

The bitcoin blockchain is a distributed database that contains a continuously-growing and tamper-evident list of all Bitcoin transactions and records since the date of its initial release in January of 2009.

Who owns the name Bitcoin? ›

Satoshi Nakamoto (born 5 April 1975) is the name used by the presumed pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation.

Where are crypto assets stored? ›

Wallets and Keys

Because the ledger of ownership of your crypto assets technically resides on the blockchain, your crypto wallet doesn't actually hold any assets. Rather, crypto wallets validate ownership of your crypto assets and offer the means to receive, store, use or transfer your crypto assets.

How do you identify crypto transactions? ›

Blockchain Address Identification

Each transaction has a unique transaction identifier, which is assigned when the transaction is started. Specify the transaction ID (TXID, TxHash), address, hash, or block height in the search bar of the block explorer, and instantly find out their status.

Where can I see all crypto transactions? ›

Transaction information is public and can be found on the digital ledger known as the 'blockchain. ' The history of each and every Bitcoin transaction leads back to the point where the bitcoins were first produced or 'mined.

Is the entire blockchain stored on my computer? ›

Thus there cannot be a single place where the blockchain is stored (that would make it centralized). Blockchains are stored in a lot of people's computers . These people are called nodes. Every computer that participates in the Bitcoin network has the entire blockchain stored locally.

How do I access data from blockchain? ›

To retrieve all the data records from an account data storage, use GET /addresses/data/{address} method. To retrieve a data record by key, use GET /addresses/data/{address}/{key} method.

How does the federal government consider cryptocurrency holdings? ›

For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

What kind of data Cannot be stored in blockchain? ›

Answer: A transaction that assigns copyright ownership to a song cannot be stored in blocks on block chain.

Can you hide a transaction in blockchain? ›

No. All information on the blockchain is visible to all participants. Having said that, some clever uses of encrypted data exist for specific use cases.

What are the 4 components of blockchain? ›

Components of a blockchain

A blockchain network consists of nodes, a distributed ledger, an asset, and a consensus algorithm. Sometimes, it also includes a virtual machine and a state database.

What are the 3 properties of blockchain? ›

3- Key features of blockchain
  • 3.1- IMMUTABILITY. The ability to create immutable ledgers is one of the most important features of blockchain. ...
  • 3.2- CONSENSUS. ...
  • 3.3- INCREASES CAPACITY WITH GREATER SECURITY. ...
  • 4.1- FRAUD PREVENTION. ...
  • 4.2- IMPROVED DATA SECURITY. ...
  • 4.3- INSTANT TRANSACTIONS. ...
  • 4.4- IMPROVED TRANSPARENCY. ...
  • 5.1- HEALTHCARE.

Does Coinbase use blockchain? ›

Note: Sending funds between your Coinbase.com account and Coinbase Wallet takes place on the blockchain and is subject to standard network fees.

How do you create a blockchain? ›

4 Steps to Creating a Blockchain
  1. Create a block.
  2. Add the data (header and body) to the block.
  3. Hash the block.
  4. Chain the blocks together.
Feb 7, 2023

Who runs the blockchain? ›

Most normal databases, such as an SQL database, have someone in charge who can change the entries (e.g. giving themselves a million X dollars). Blockchain is different because nobody is in charge; it's run by the people who use it.

What is blockchain in banking? ›

Blockchain acts as a decentralized ledger that keeps a track of the transactions transparently and publicly. It means that instead of relying on custodial services, the transactions can be settled in the public blockchain.

How does blockchain make you money? ›

Mining is the most common way to make money with cryptocurrency. Mining validates blockchain transactions and adds new data blocks to the chain. Miners are rewarded with cryptocurrency as a result of their efforts. Mining can be done with either specialised hardware or cloud mining services.

Is blockchain used for anything other than crypto? ›

But blockchain technology isn't exclusive to the crypto world. In fact, some of its most exciting applications have nothing to do with Bitcoin or any other crypto. A very simple explanation is that blockchain is a digital record that is split into pieces, called “blocks,” which are stored in multiple places.

What is the difference between a blockchain and a database? ›

They are just like databases but are structurally and functionally different. While databases store data using 'table' data structures, blockchains store data in blocks.

Are crypto assets and blockchain the same? ›

Digital assets, also known as crypto assets, are digital representations of value made possible by cryptography and blockchain. Their original intent was to serve as a vehicle for transferring value without the use of a bank or other trusted third-party entity.

What big companies are using blockchain? ›

Publicly Traded Blockchain Companies to Know
  • NVIDIA (NVDA)
  • Coinbase (COIN)
  • Block, Inc. ( SQ)
  • Riot Blockchain (RIOT)
  • PayPal (PYPL)
  • IBM (IBM)
Oct 25, 2022

Which language is used in blockchain? ›

Blockchain Programming developers support the use of C++ as it is decently abundant in terms of run-time polymorphism, function overloading, and multi-threading. It allows developers to mold the data according to their needs.

Does Amazon use blockchain? ›

Amazon Managed Blockchain is a fully managed service that makes it easy to create and manage scalable blockchain networks using the popular open source frameworks Hyperledger Fabric and Ethereum.

What is a real time example of a blockchain? ›

In the case of meat, for example, the blockchain may store a cow's DNA data with a steak package, marking the item digitally to authenticate its quality throughout the whole product lifecycle.

How many blockchains are there in the world? ›

However, different use cases require different types of blockchain. There are four main types of blockchain networks: public blockchains, private blockchains, consortium blockchains and hybrid blockchains.

What are the names of the 3 main components in blockchain? ›

In summary, the three key components of blockchain networks are cryptography, consensus algorithms, and peer-to-peer network hash codes.

Who can access record stored in blockchain? ›

- The records are available to anyone who has access to the Blockchain network. - This means that anyone can verify the authenticity of a transaction by accessing the records stored on the Blockchain. In conclusion, when a record is on a Blockchain, multiple people can access it simultaneously.

What is inside a blockchain transaction? ›

Likewise, a blockchain transaction is nothing but data transmission across the network of computers in a blockchain system. The network of computers in a blockchain store the transactional data as replicas with the storage typically referred to as a digital ledger.

How to store blockchain data in database? ›

Blockchain store data in the form of blocks that are linked together with cryptography. Each block in the blockchain is identified by a distinct cryptographic hash, which is also used to identify the previous block. With each block, a new transaction is recorded and stored, and added to the database.

Is SQL used in blockchain? ›

Ledger is a new feature in Azure SQL and SQL Server that incorporates blockchain crypto technologies into the RDBMS to ensure the data stored in a database is tamper evident.

Does blockchain use distributed database? ›

Briefly, Blockchain is “a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties2.

Is blockchain essentially a database? ›

A blockchain is a type of distributed database or ledger—one of today's top tech trends—which means the power to update a blockchain is distributed between the nodes, or participants, of a public or private computer network. This is known as distributed ledger technology, or DLT.

What type of records can be kept in a blockchain? ›

Name the two types of records that are present in the blockchain database? These records are block records and transactional records. Both these records can easily be accessed, and the best thing is, it is possible to integrate them with each other without following the complex algorithms.

What are the different types of blockchain? ›

Three types of blockchain
  • Public blockchain. A public, or permission-less, blockchain network is one where anyone can participate without restrictions. ...
  • Permissioned or private blockchain. ...
  • Federated or consortium blockchain.

Can you store information on blockchain? ›

Blockchains are immutable.

Once something is stored on the blockchain, it can't be deleted or changed. It's a system of record that can only be added to, not edited or deleted. Traditional, transactional databases are designed to be updated. Right away, this makes blockchains ideal for some use cases but not all.

What names are given to a database where all Cryptocurrency transactions are recorded? ›

A blockchain is a decentralized, distributed database that stores a record of all transactions that have ever occurred on the network.

What language does blockchain use? ›

Let's discuss the prominent programming software and the languages used for Blockchain Programming along with their pros and cons:
  • Solidity. Solidity is the most used and stable Blockchain Programming language recommended by developers worldwide. ...
  • Java. ...
  • Python. ...
  • C++ ...
  • Ruby. ...
  • Go. ...
  • C# ...
  • Simplicity.
Feb 23, 2023

Which blockchain uses Python? ›

Applications of Python language in Blockchain Technology

Pythion is implemented in a Blockchain platform like ethereum. So it is used for creating contracts for NEO and smart contracts for hyperledger. Recently, Python is utilized for creating the blockchain-based application, namely Steemit.

What is the difference between a database and a blockchain? ›

History of Itself: Centralized databases record present information only. They do not trace information that was previously recorded. With blockchains, the case is different. They not only keep information that is relevant in real-time but also can trace back information of transactions that have come before.

What type of transaction Cannot be stored in blocks on a blockchain? ›

A transaction that assigns copyright ownership to a song cannot be stored in blocks on a blockchain because the data in any given block cannot be altered retroactively.

What are the advantages of blockchain database? ›

Blockchain increases trust, security, transparency, and the traceability of data shared across a business network — and delivers cost savings with new efficiencies. Blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission.

What is the difference between a ledger and a database? ›

A database is a kind of central ledger that is run by an administrator, who has the rights to read, write, update and delete information on the ledger. The database is essentially a data structure that allows organizations to store and work with data.

Is blockchain personal data? ›

Blockchain transactions allow users to control their data through private and public keys, allowing them to own it. Third-party intermediaries are not allowed to misuse and obtain data. If personal data are stored on the blockchain, owners of such data can control when and how a third party can access it.

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