According to Google search, the definition is“A blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.”
Speaking in a way of cryptocurrency, a block is a record of new transactions, that could mean the location of cryptocurrency. Once each block is completed it’s transaction it’s added to the chain, creating a chain of blocks: a blockchain
Suppose a Google spreadsheet is shared by each and every computer which is connected to the internet in this world. When a transaction happens, it will be recorded on a row of the spreadsheet. Here like a spreadsheet has rows Blockchain consists of Blocks for each transaction.
Whoever has access to a computer or mobile can connect to the internet and can have access to the spreadsheet and add a transaction, but the spreadsheet doesn't permit anyone to edit the information which is already available. There is no use to interfere the third party into the transactions and can save time and conflict.
Types of blockchains:
Open and permissionless: Public and permissionless blockchains look like bitcoin, the first blockchain. All exchanges in these blockchains are open and no authorizations are required to join these circulated elements.
• Private and permission: These blockchains are constrained to assigned individuals, exchanges are private, and authorization from a proprietor or supervisor substance is required to join this system. These are frequently utilized by private consortia to oversee industry esteem chain openings.
• Hybrid blockchains: An extra region is a developing idea of sidechain, which takes into consideration distinctive blockchains (open or private) to speak with each other, empowering exchanges between members crosswise over blockchain systems.