Blockchain

A blockchain is a decentralized publicly viewable digital ledger that represents the process of recording transactions and tracking assets/processes across a peer-to-peer network. Currently, blockchain is most widely recognized as being the basis of cryptocurrencies like Bitcoin.

Blockchains can record transactions across a network of connected computers. Each record is a “block,” and the blocks are added empirically. This makes it impossible for records to be altered retroactively without altering all subsequent blocks.

Since the blockchain is publicly accessible, this type of action would be immediately noticed. This inability to change a block after the fact effectively eliminates the need for any type of centralized authority.