Blockchain is a digital system for recording information in a secure, transparent, and tamper-proof manner. It is primarily used in digital currencies like Bitcoin and Ethereum, but it also extends to many other applications.
Simplified explanation:
Imagine a ledger or record, but instead of being kept by a single person, it is maintained by thousands of people on devices around the world. Whenever a transaction (like a currency transfer) is recorded, it is saved in a "block", and this block is linked to the previous block, forming a chain – this is why it is called "Blockchain".
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Its main features:
✅ Decentralized: It is not controlled by a single person or entity
✅ Secure: It is very difficult to manipulate due to encryption
✅ Transparent: Anyone can see the recorded transactions
✅ Permanent: Information cannot be deleted or altered after it is recorded
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Its uses:
Digital currencies (like Bitcoin, Ethereum)
Smart Contracts
Tracking supply chains.
Electronic voting.
Protection of digital property rights.
