A Blockchain consists of three key components:
- a transaction,
- a transaction record, and
- a system that verifies and stores the transaction.
The blocks are generated through open-source software and record the information about when and in what sequence the transaction took place. This “block” chronologically stores information of all the transactions that have taken place in the chain, thus the name blockchain. In other words, a blockchain is a database of immutable time-stamped information of every transaction that is replicated on servers across the globe.
Find out more about what is a Blockchain
An introduction to Blockchain Technology - by Antony Lewis