Blockchain

A blockchain is a set of data blocks that are connected to each other programmatically, that means a block is mathematically related to the previous and to the next block through hashes, that prevents fraudulent and malicious persons from tampering with blockchain. A hashed text contains encrypted characters.

Blocks of a blockchain are created at a certain and predefined rate that is called block time. For example block time of Bitcoin is 10 minutes that means it takes 10 minutes for a new block to be created and the previous block was created 10 minutes ago. Block times are not an very exact and can vary slightly depending on some conditions.

A data block can save history of a single transaction or several ones or it can be empty, that shows the block saves no transaction history. In this case there was no transaction made when the block was created.

Blockchains store addresses in addition to transaction histories. Each address is used as a virtual safe and shows the amount of saved coins and acts like an account. Any person that has access to related keys can access a given address and is able to send and receive coins.

Special applications called wallet make use of a digital address possible. A wallet is used to send and receive coins.

A blockchain is essentially a decentralized database. Blockchains do not have a central storage location and are distributed and stored on many computers across the globe.

Digital coin and cryptocurrency are used interchangeably and conceptually are the same thing.
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