Blockchain is a distributed database that stores an ordered chain of records (blocks), which is constantly lengthening. In fact, it is a kind of record book of all transactions.
Benefits of Blockchain Technology:
🔸 Transparency – the blockchain stores data on all transactions for the entire history of the system (cryptocurrency);
🔸 Stability – you can not delete or replace the information retrospectively, but only make a new deal;
🔸 Independence – information is stored not on one central server, but on many computers of network participants.
Cryptocurrencies are based on Blockchain Technology. But now the blockchain is also used in banking, public administration, law and other areas.