Blockchain​.com closes crypto custody for Russians amid EU sanctions

Blockchain: A Simple Guide

Blockchain is a groundbreaking technology changing how we handle data and transactions. Imagine a digital ledger or record book where information is stored in "blocks" and then linked together to form a "chain." Each block contains information, like transaction details, timestamps, and unique codes (hashes) that link it to the previous block. This structure makes blockchain secure, transparent, and hard to alter, as changing one block requires changing every block after it.

Originally, blockchain was created to support Bitcoin, a digital currency. However, its applications have expanded far beyond cryptocurrencies. Today, blockchain is used in various fields, including finance, supply chain management, healthcare, and even voting systems. By using a decentralized network of computers (or nodes), blockchain ensures that no single entity has control over all the data, making it more secure and transparent.

In essence, blockchain allows people and organizations to record transactions or share data without needing a central authority, such as a bank or government. This creates trust, reduces costs, and opens up many possibilities for innovation in the digital age.

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