Combining shared databases and cryptography, blockchain technology allows multiple parties that may not know each other from different geographical locations to have simultaneous access to a constantly updated digital ledger that cannot be altered.
The blockchain is a powerful technology that enables Bitcoin, Litecoin, Dogecoin, and other virtual currencies to be open, anonymous, and secure. The blockchain essentially is a database about every Bitcoin transaction in detail. Usually known as a “public ledger,” the log contains metadata about when and how each transaction took place. The ledger is publicly accessible through APIs and torrent sites. To prevent tampering with current and also past transactions, the database is cryptographically secured.