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What is blockchain?

Blockchain is a decentralized digital ledger that records transactions across multiple computers. It is designed to be transparent, secure, and immutable. Instead of relying on a central authority, blockchain uses a network of computers (nodes) to validate and verify transactions. Each transaction is stored in a block, which is then added to a chain of previous blocks, hence the name 'blockchain.'

Key features of blockchain include:

  • Decentralization: No single entity has control over the network.
  • Transparency: All transactions are visible to network participants.
  • Security: Transactions are encrypted and linked to previous transactions.
  • Immutability: Once a transaction is recorded, it cannot be altered or erased.

Blockchain has numerous applications beyond cryptocurrency, such as supply chain management, voting systems, and smart contracts.

Last updated 10/22/2023, 6:57:25 AM

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