Blockchain is a decentralized database that stores transactional records in blocks that are linked using cryptography. It allows for a distributed ledger that can be shared across a network of users. Some key points: - Data is stored immutably across blocks that are linked together, making it difficult to tamper with past records. - It provides a trustless environment where no single entity controls the data. Various applications are being built on blockchain platforms like Ethereum to execute smart contracts. - Several industries are exploring blockchain to increase efficiency and reduce costs by streamlining processes like insurance claims, travel bookings, and bank guarantees that involve multiple parties. Major companies are developing blockchain solutions for these use cases.