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Blockchain is a system of storing data that makes it difficult or impossible to change, hack, or manipulate the data. A blockchain is a digital ledger of transactions that is copied and distributed throughout the network of computer systems that make up the blockchain. Each block in the chain comprises a number of transactions, and each time a new transaction occurs on the blockchain, a record of it is added to each participant's ledger. Distributed Ledger Technology (DLT) is a decentralized database managed by a number of individuals (DLT).
Blockchain technology may be used to create a permanent, public, and transparent ledger system for tracking digital consumption and delivering compensation to content providers such as Wi-Fi users and musicians.
Many attempts have been made in the past to manufacture digital money, but they have all failed. The issue of trust is one of the most pressing. How can we believe that if someone invents a new currency called the X dollar, they won't take a million dollars or your X dollars? So, by leveraging a blockchain, which is a form of database, Bitcoin was established to overcome this issue.
Most standard databases, such as SQL databases, allow updates to be made to the entries (e.g. giving themselves a million X dollars). It's unique in that no one is in control; instead, it's run by the people who use it. Bitcoins can't be faked, hacked, or double-spent, thus they can't be lost by their owners.
