Blockchain’s big advantage is that it’s public. Everyone participating can see the blocks and the transactions stored in them. However, that doesn’t mean everyone can see the actual content of a transaction; that information is protected by a private key.
A blockchain is decentralized, so no single authority can approve transactions or set specific rules to have transactions accepted. As a result, the model involves a great deal of trust, as all the participants in the network must reach a consensus to accept transactions.
Most important of all, it’s secure. The database can only be extended; previous records cannot be changed—or, at least, there’s a very high cost if someone wants to alter previous records.
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