Block

A blockchain is essentially an extensive database. Blocks are data structures within a blockchain database that permanently store transaction data. You can think of a blockchain as a distributed ledger continuously updated with new transactions. These changes need to be synchronized across all blockchain nodes, and much consensus is reached to ensure that all the transactions are verified as valid. When a certain threshold is reached, all of the data is cryptographically locked into the “block,” the Block is closed. This Block is the foundation for the next Block, and the process repeats itself with subsequent new blocks hence the name “blockchain”. Blocks and blockchains are the basis for Bitcoin and many other cryptocurrencies.