blockchain

Blockchain is a decentralized digital ledger technology that records transactions across multiple computers in such a way that the registered transactions cannot be altered retroactively. Each transaction is grouped into a block, and these blocks are linked together in chronological order to form a chain, hence the name „blockchain.“ The technology is designed to be secure, transparent, and resistant to tampering.

Blockchain operates on a consensus mechanism, where participants in the network, known as nodes, agree on the validity of transactions before they are added to the chain. This eliminates the need for a central authority. Blockchain is most commonly associated with cryptocurrencies like Bitcoin, but it has various applications beyond digital currencies, including supply chain management, smart contracts, and secure voting systems.

The key characteristics of blockchain include immutability, transparency, and decentralization, making it a foundational technology for various innovations in the realm of data management and financial systems.