What is Blockchain Technology?

Blockchain is a distributed digital ledger that stores data. The database of information is decentralized and blocks of data are chained together so the data is unalterable.

A blockchain can record information on: cryptocurrency transactions , NFT ownership and DeFi smart contracts.

Types of Blockchains

Public Blockchains are open, decentralized networks of computers accessible to anyone wanting to request or validate a transaction. Those miners who validate transactions receive rewards.
Private Blockchains are not open, they have access restrictions. People who want to join require permission from the system administrator. They are typically governed by one entity, meaning they are centralized.
Hybrid Blockchains are a combination of public and private blockchains and contain centralized and decentralized features.
Sidechains are blockchains running parallel to the main chain. It allows users to move digital assets between two different blockchains and improves scalability and efficiency.