Blockchain technology is a decentralized digital ledger system that enables the recording and verification of transactions across multiple computers in a way that ensures security, transparency, and immutability. Each transaction is grouped into a block, which is then linked to the preceding block, forming a chronological chain. This structure prevents alterations to any individual block without affecting all subsequent blocks, thereby enhancing security.
Blockchain operates on a peer-to-peer network, removing the need for a central authority or intermediary. Transactions are validated through consensus mechanisms, such as proof of work or proof of stake, which require participants to verify the authenticity of transactions before they are added to the ledger.
Originally developed as the underlying technology for cryptocurrencies like Bitcoin, blockchain has expanded to a variety of applications across different industries, including finance, supply chain management, healthcare, and smart contracts. Its ability to provide a transparent and tamper-proof record makes it a valuable tool for enhancing trust and efficiency in various processes.
**Whales are watching a new player!** The cryptocurrency market feels the pressure as influential holders pivot their attention towards Ripple (XRP), Solana (SOL), Cardano (ADA), and an innovative newcomer: PlutoChain…