It can be briefly described as a “system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system”.
Basically, it is a digital ledger of transactions, where it is duplicated then distributed to other networks of computer systems on the blockchain as well. Each block on this blockchain contains the number of transactions, which is also being updated whenever new transactions are done. A record of this is added to every participant’s ledger. Meanwhile, the Distributed Ledger Technology (DLT) is the management of the decentralized database managed by different participants. Furthermore, blockchain is a type of DLT where all transactions that were done are recorded with a hash - an immutable cryptographic signature.
Meanwhile, in order for us to further understand what are the properties of the DLT, we could refer to the image below:
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What makes the blockchain secure is that once one of the blocks on one chain is changed, it would become immediately apparent. Meaning, they would need to change every block on the chain, across all distributed versions of this chain to corrupt the block chain system. Add the fact that as time goes by, Bitcoin and Ethereum continuously add blocks on the chain, this makes the security of the ledger from being corrupted further strengthened.
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