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 block in the blockchain contains a list of transactions and is linked to the previous block, forming a chain. This structure ensures transparency and security, as all participants in the network can verify the contents of the blockchain without needing a central authority.

Blockchain is most commonly associated with cryptocurrencies, like Bitcoin, where it serves as the underlying technology for recording ownership and transaction history. However, its applications extend beyond digital currencies to various fields such as supply chain management, healthcare, finance, and smart contracts, enabling trust and traceability among parties without the need for intermediaries.

Key features of blockchain include immutability, where once data is recorded it cannot be changed easily; decentralization, which distributes control across a network rather than a single point of failure; and consensus mechanisms, which are methods used to achieve agreement on the validity of transactions across the network.