Blockchain define and importance

 Blockchain

A peer-to-peer network of computers that record bitcoin and other cryptocurrency transactions.
Blockchain is a shared, unchangeable ledger that tracks corporate activities and assets. Tangible (home, vehicle, cash, land) or intangible assets exist (intellectual property, patents, copyrights, branding).
Blocks, nodes, and miners make up proof-of-work blockchains.

 Blockchain makes the history of any digital asset unalterable and visible through a decentralised network and cryptographic hashing. Blockchain technology functions like a Google Doc. Google Docs are disseminated instead than copied or transferred when shared. This provides a decentralised distribution network that everyone can access at once. No one is locked out awaiting another party's revisions, and all document alterations are logged in real-time, making changes visible. Unlike Google Docs, blockchain text and data cannot be edited once written, increasing its security. Blockchain is more sophisticated than Google Docs, but the parallel shows key concepts.  Blocks, nodes, and miners make up proof-of-work blockchains.A nonce creates the cryptographic hash for the initial chain block. Unless mined, the block's contents is signed and related to its nonce and hash. Mining adds additional blocks to the chain. In a blockchain, each block has its own nonce and hash, but also references the preceding block's hash, therefore mining a block is difficult, particularly on big chains. Miners utilise software to discover a nonce that gives a valid hash. Due to the 32-bit nonce and 256-bit hash, there are four billion potential nonce-hash combinations to mine. Miners find the "golden nonce" when their block is added to the chain. Changing an earlier block in the chain involves re-mining all subsequent blocks. This makes blockchain hard to manipulate. Finding golden nonces takes a lot of time and processing resources. When a block is mined successfully, all network nodes accept the change and the miner is paid. 

decentralised blockchain

Blockchain technology is decentralised. Nobody owns the chain. It's a distributed ledger on chain nodes. Blockchain nodes may be any technological equipment that keeps the network running.
Every node has its own copy of the blockchain, and the network must algorithmically approve every freshly mined block to update, trust, and verify it. Every blockchain operation can be readily examined and observed, ensuring intrinsic blockchain security. Each participant is issued a unique alphanumeric ID number.
Combining public information with checks-and-balances helps blockchain maintain integrity and build trust. Essentially, blockchains may be viewed of as the scalability of trust through technology.

 

Importance

Blockchain's decentralised network and cryptographic hashing make digital asset histories unalterable and public.
Blockchain works like Google Docs. Google Docs are shared, not copied or transmitted. Everyone may access this decentralised distribution network. No one is locked out awaiting another party's updates, and all document changes are tracked in real-time. Blockchain data cannot be altered once written, boosting security.
Blockchain is more complex than Google Docs, yet the similarity is useful.