Blockchain is a distributed database of records or public ledger of all transactions that have been executed and shared among participating parties. Each new block contains a cryptographic hash of the previous block, a timestamp, and transaction data. This forms a chain where blocks are linked and secured using cryptography, allowing transaction information to be recorded and distributed but not altered retroactively. The blockchain was first implemented in 2008 as the underlying technology behind bitcoin cryptocurrency, allowing digital currency to be transferred in a decentralized manner without the need for a central authority.