Android : Can anyone confirm my understanding of content providers?

I read up on Android docs and provided my own summary. A content provider is basically a shared storage space in the android device(part of an application) that allows data to be shared among applications. For example, there is a BROWSER content provider that applications can access to show the browsing history of that Android client. Code running in one application can access and see the changes that another application made in the shared storage space. Is this a good summary of content providers? Is there key idea i'am missing or incorrect thing in my summary?