Blockchain Technology

Blockchain technology is a decentralized digital ledger system that records transactions across multiple computers in such a way that the recorded transactions cannot be altered retroactively. This technology enables the distribution of data, enhancing security and transparency while eliminating the need for a central authority. Each block in the blockchain contains a list of transactions and is linked to the previous block, creating a chain of blocks—hence the name “blockchain.” This structure is resistant to tampering and fraud, as altering a single block would require changes to all subsequent blocks.

Blockchain technology is most well-known as the underlying framework for cryptocurrencies like Bitcoin, but its applications extend beyond digital currencies to various sectors, including supply chain management, healthcare, finance, and more. By facilitating secure, peer-to-peer interactions, blockchain serves as a foundation for innovations such as smart contracts, which automatically execute transactions when predetermined conditions are met. The combination of its transparency, security, and decentralized nature positions blockchain technology as a transformative solution for multiple industries.