What is the blockchain

Blockchain is a digital technology that enables secure, transparent, and decentralized record-keeping of transactions. Imagine it as a digital ledger that stores data in interconnected blocks, which are secured and verified through a network of computers.

Key features of blockchain technology include:

1. Decentralization: There is no central authority controlling the blockchain. Instead, a network of computers (nodes) works together to validate and record transactions.

2. Security: Each block contains a unique code called a cryptographic hash, which links it to the previous block. Altering a block's data would require changing all subsequent blocks, making tampering extremely difficult.

3. Transparency: All participants in the network have access to the same transaction data, promoting trust and reducing the potential for fraud.

4. Immutability: Once a block is added to the chain, its data cannot be altered or deleted, providing a permanent and secure record of transactions.

Blockchain technology is the backbone of cryptocurrencies like Bitcoin, but its potential applications extend to many other sectors, including supply chain management, digital identity, and voting systems.