A blockchain collects information together in groups, known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the blockchain¹. Digital transactions are stored in a digital “block” (sort of like a ledger entry) that’s added to a previous “chain” of blocks; hence the term blockchain². Each block has a unique “hash,” like a signature or identification code, and a time stamp to show the exact time it was validated or mined.

Since the blockchain network is maintained by a myriad of computers spread around the world, it functions as a decentralized database (or ledger). This means that no single entity controls the data stored on the blockchain³. Instead, all participants in the network have access to all data stored on the blockchain³.

I hope that helps!