Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a ‘digital ledger.’ In simpler words, the digital ledger is like a Google spreadsheet shared among numerous computers in a network, in which, the transactional records are stored based on actual purchases. The fascinating angle is that anybody can see the data, but they cannot corrupt it. Hence statement 1 is correct. The words “block” stands for digital information and “chain” stands for public database. Specifically, they have three parts: Blocks store information about transactions like the date, time, and dollar amount of your most recent purchase from any online site that works on a blockchain principle.