Without a doubt, every single computer that runs the exact code for a given Blockchain possesses data that contains all transactions that have ever taken place on that blockchain. However, since the record of all transactions is available for anyone that wished to see it, there is no need for a centralized authority - such as our banks. Blockchain is controlled by no one.
Without further ado, what are blocks?
Blocks could be seen as groups or series of transaction data that are encoded into a blockchain respectively. This being said, new blocks on a Blockchain are actually written or mined (depending on the code they want to deploy). Generally, voluntary miners work on Blockchains to verify new transactions which in other words ensure that all of its value is in the right place.
It is very true that miners guarantee the legitimacy of distributed ledgers. For this, once blocks of transactions are written into a blockchain, it is virtually impossible for the rewards to be changed or erased respectively.
How does it work?
Right after a block gets added and verified, literally no one can alter its information.
Blockchain uses a different kind of distributed network to ensure that every transaction is actually between P2P nodes.
It is the duty of the blockchain to keep the records of all types of data exchanges. This singular act is called ledger system.
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