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Blockchain is a distributed database that allows direct peer-to-peer transactions without a central authority. All transactions are organized into blocks, and blocks are linked into a chain. Each block in the chain contains information (a hash) about the block that comes before it in the sequence.

The classic blockchain network consists of equal nodes, where each node stores a complete copy of the whole chain and so the whole log of transactions, stored in blocks, is replicated many times.

What differentiates blockchain from other methods of storing information is that it is decentralized. Rather than having a central database of transactions, it relies on multiple copies of the transactions data, replicated in the network of nodes. The decentralized nature of blockchain makes it more difficult to corrupt the entire system as it is necessary to introduce a fake transaction into every copy of the chain stored on the network.

For a more in-depth overview of what is blockchain, check this article: All You Need to Know About Public & Private Blockchains