For the sake of argument, I have some knowledge of bitcoin and blockchain but that I didn’t use them due of my unstable financial situation. I'm about to begin investing and even trading. The name speaks for itself. What function does blockchain serve? Is it merely necessary for recording every transaction, making it essentially just a database? Please continue to be pertinent; I am aware of how blocks are produced.
It is not just a database.
The blockchain has the ability to provide a trustless and transparent record of transactions. These transactions are verified by thousands of network participants.
And unlike to a centralized database blockchains operate via a network of nodes. Each node has a copy of the entire blockchain which help to decentralize the whole process.
Blockchains are of course not limited to Bitcoin and are constantly evolving. Ofc they are not just limited to cryptocurrencies but extend to various areas of the economy and/or society.