Blockchain is a distributed ledger technology that allows data to be stored in a secure, transparent, and decentralized manner. It is essentially a database shared among many nodes (computers) that form a network. Data is organized into "blocks," and each block is linked to the previous one using cryptography, forming a chain.
Some key features of blockchain are:
1. Decentralization: It is not controlled by a single entity, but rather the data is distributed across multiple nodes.
2. Immutability: Once data is recorded on the chain, it cannot be altered without consensus from the majority of nodes, making it difficult to hack or manipulate.
3. Transparency: Recorded transactions are visible to all participants in the network.
4. Security: It uses advanced cryptographic techniques to ensure that data is not modified without authorization.
Blockchain is the technology behind cryptocurrencies like Bitcoin, but it also has applications in other sectors such as finance, healthcare, logistics, and smart contracts.
