Blockchain is the name given to the technology on which cryptocurrencies, like Bitcoin, are based. Essentially, a blockchain is a database or a ledger. However, unlike traditional databases, blockchains are distributed. This means that they don’t rely on a central authority to update the data they store. Anyone who satisfies the rules of the network supporting a particular blockchain can update the ledger. This enables blockchains to create trust between parties that wouldn’t necessarily trust one another. Everyone can trust the blockchain instead.