What defines a Blockchain?

A blockchain is defined as a distributed network that securely stores digital data in a way that makes it tamper-resistant. This technology operates on the principle of decentralization, where data is not managed by a single entity but rather by a network of computers (nodes) that collaborate to validate and record transactions. This characteristic significantly enhances security and trust, as altering any piece of data would require the consensus of the majority of the network's participants.

The tamper-resistant nature of a blockchain is achieved through advanced cryptographic techniques, which ensure that once data is recorded on the blockchain, it is nearly impossible to change without detection. Each block in a blockchain is linked to the previous block using cryptographic hashes, creating an immutable chain of records.

The other options offered do not accurately describe blockchain technology. A centralized database refers to a system controlled by a single entity, lacking the distributed and decentralized characteristics of blockchain. A method for traditional banking transactions does not encompass the full capabilities of blockchain, which extends beyond banking to various applications across different industries. An offline storage system for employee records does not capture the technological and functional essence of blockchain, particularly its online, decentralized aspect. Thus, the definition of blockchain as a distributed network that stores digital data in a tamper-resistant manner