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Blockchain is a decentralized and distributed digital ledger used to record transactions across numerous computers. Here's a concise breakdown:
- Decentralized: No single entity controls the entire blockchain; instead, it's maintained by a network of nodes (computers).
- Distributed Ledger: Each participant (node) has a copy of the entire ledger, ensuring transparency and security through consensus.
- Blocks: Transactions are grouped into blocks. Each block contains a list of transactions, a timestamp, and a cryptographic hash of the previous block, forming a chain.
- Immutability: Once data is recorded in a block, it's very hard to change due to cryptographic links between blocks and the consensus needed to alter any record.
- Security: Transactions are secured through cryptography, and consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) prevent fraudulent transactions.
- Transparency: All network participants can see the transactions, although identities can be pseudonymous.
- Applications: Beyond cryptocurrencies like Bitcoin, blockchain technology supports smart contracts, supply chain management, voting systems, and more, aiming to eliminate intermediaries, reduce fraud, and increase efficiency.
In essence, blockchain provides a way to have a secure, transparent, and unalterable record of transactions or data, fostering trust in a trustless environment.
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