A blockchain is essentially a decentralized distributed database or a ledger, as follows:
- Decentralization: In simple terms, it means that the application or service continues to be available and usable even if a server or a group of servers on a network crashes or is not available. The service or application is deployed on a network in a way that no server has absolute control over data and execution, rather each server has a current copy of data and execution logic.
- Distributed: This means that any server or node on a network is connected to every other node on the network. Rather than having one-to-one or one-to-many connectivity between servers, servers have many-to-many connections with other servers.
- Database: ...