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Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a 'digital ledger.'

This decentralization enhances security, reduces the risk of fraud, and eliminates the need for intermediaries in many transactions.

Moreover, the decentralized nature of blockchain means that there is no central authority controlling the network. Instead, transactions are verified and recorded by multiple nodes (computers) in the network through a consensus mechanism, such as proof of work or proof of stake.

This structure ensures the immutability and transparency of the data recorded on the blockchain.

Exactly! Blockchain technology operates as a decentralized and distributed ledger system where transactional data is stored in blocks that are linked together in a chronological order to form a chain. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.