Blockchain is a distributed ledger technology invented by Satoshi Nakamoto, the inventor of Bitcoin, to create a decentralized money system that runs on P2P and has no administrator.
The data of transaction history when sending cryptocurrency is called “Transaction”, and a block is a certain number of transactions stored in it.
Transactions are captured in blocks, and new blocks are added one after another like a chain, forming a “blockchain”.
A block is a summary of cryptocurrency transactions, and is the unit of mining.
Mining takes place about every 10 minutes, and new blocks containing multiple transactions are added to the blockchain. As blocks are created, Bitcoins are generated as a reward to the miner.
If you follow the blockchain, you will be able to see the entire transaction history of the past.
By sharing the transaction history among all virtual currency users, reliability is maintained through a system that allows all users to manage each other without the need for a national government, central bank, or other governing body to manage the virtual currency.
Blockchain makes it possible to properly manage huge amounts of transaction data without the need for a central server. Due to the low management costs, the fees for transferring cryptocurrencies are also considered to be much lower than the fees for transferring currencies through banks.