Blockchain is a protocol for managing a distributed ledger, meaning usually a cryptographically secured decentralized accounting system which operates through a network of computers in various locations. The network of computer confirm transactions in the system and cross refer the information to each other to keep a reliable, unforgeable and transparent records updated. The effort of providing calculation power to the maintenance of the network calculations is generally called “mining”. The blockchain systems usually reward the mining by generating or providing transaction tokens to the network supporting operators.
The blockchain protocols with cryptographic hash blocks, which contain relevant information about the previous transactions in the system.