Blockchain is a technology that works as a decentralized and distributed database, which records information in a secure, transparent and immutable way. It is composed of a chain of interconnected blocks, where each block contains a set of information, such as transactions, which are validated and stored.
Main characteristics of blockchain:
1. Decentralization: There is no central authority controlling the system. The network is maintained by multiple participants (nodes).
2. Immutability: Once a block is added to the chain, it cannot be changed or deleted, ensuring data integrity.
3. Transparency: All transactions recorded on the blockchain are public and can be verified by anyone with access to the network.
4. Security: The technology uses advanced cryptography to protect data and ensure that only authorized users carry out transactions.
How it works:
Transactions are grouped into blocks.
Each block has a unique identifier, called a "hash".
Blocks are connected sequentially, with each block containing the hash of the previous block.
Before being added to the chain, each block needs to be validated by network participants (usually through methods such as proof of work - PoW - or proof of stake - PoS).
Blockchain applications:
Although best known for being the basis of cryptocurrencies such as Bitcoin and Ethereum, blockchain has several other applications, such as:
Tracking supply chains.
Smart contracts.
Digital voting systems.
Registration of intellectual property.
Digital identity.
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