Understanding Blockchain Technology
Blockchain technology is a revolutionary concept that’s transforming industries globally. At its core, a blockchain is a distributed, immutable ledger that records transactions in a secure and transparent manner.
Key Concepts
- Decentralization: No single entity controls the blockchain.
- Immutability: Once a transaction is recorded, it cannot be altered.
- Cryptography: Hashing and digital signatures secure the blockchain.
- Distributed Ledger Technology (DLT): Blockchain is a type of DLT.
How it Works
Transactions are grouped into blocks. Each block is cryptographically linked to the previous block, forming a chain. This chain is replicated across a network of computers.
Applications of Blockchain
Blockchain isn't just about cryptocurrencies. It has potential applications in supply chain management, voting systems, healthcare, and many more.
Learn more about the future of blockchain here.