Unlike a centralized database, where a single owner manages all of the data from a central source, blockchain distributes every transaction to hundreds of members. The participating members dedicate computer servers to receive, record and synchronize every record into a block for a small fee. Each block contains an unalterable hashtag that connects to the previous block, thus the name Blockchain. The blockchain works on consensus and agreement that each record has not been altered. If even a single character in a record is altered, the entire block becomes invalid breaking the chain.
Through this method of distributed database, consensus, cryptography and hashtags, the blockchain creates unparalleled transparency, immutability, security, and processing speed at a much lower cost than centralized databases, thus opening up possibilities for use in financial transactions, proof of property ownership, title, and even for voting.