Blockchain technology is a decentralized, digital ledger that allows for secure and transparent transactions. It was first introduced as the underlying technology for Bitcoin, the first cryptocurrency, but has since been applied to a wide range of industries.
In a blockchain network, information is stored in “blocks” that are linked together in a chain. Each block contains a record of multiple transactions, and once a block is added to the chain, it cannot be altered or deleted. This creates an immutable, tamper-proof record of all transactions on the network.
The security of the blockchain network comes from its decentralized nature. Instead of relying on a single central authority to verify transactions, a network of nodes collaborates to validate and record new transactions. This makes it extremely difficult for anyone to manipulate the system.
Blockchain technology has a wide range of potential applications, from financial services and supply chain management to healthcare and voting systems. Its secure, transparent, and decentralized nature make it a promising technology for a variety of industries.