Blockchain

Blockchain is a decentralized, distributed digital ledger technology that records transactions across many computers in a way that the registered transactions cannot be altered retroactively. This ensures the integrity and security of the data. Each transaction or record is grouped into a block, and these blocks are linked together in chronological order to form a chain—hence the name “blockchain.” Each block contains a cryptographic hash of the previous block, transaction data, and a timestamp.

The decentralized nature of blockchain means that it does not rely on a central authority, reducing the risk of fraud and increasing transparency, as all participants in the network can access and verify the transactions. Blockchain technology is most commonly associated with cryptocurrencies like Bitcoin, but its applications extend beyond finance to include supply chain management, smart contracts, healthcare, and identity verification, among others. The technology is praised for its potential to enhance trust, security, and efficiency in various systems and industries.