What is Blockchain Technology?

Introduction:

Blockchain is a modern and innovative technology that is becoming popular all over the world. It is used in different fields, but it became most famous due to cryptocurrency like Bitcoin. The main purpose of this technology is to make data secure, transparent, and decentralized.

How Blockchain Works:

Blockchain is like a digital ledger that exists equally on many computers. Each ledger has the same information. When a new piece of data or transaction happens, it is verified and recorded in a block. Every block contains three main things:

1. Details of the transaction

2. The exact time (timestamp)

3. A special code from the previous block

This block then becomes a part of a chain — which we call the blockchain.

Key Features of Blockchain:

1. Decentralization:

This means there is no single person or organization controlling the system. It is controlled by all users together.

2. Transparency:

Every transaction can be seen by everyone. Nothing can be hidden.

3. Security:

It is extremely difficult to change the data in a blockchain. If someone tries to change one block, they would have to change the entire chain.

Where is Blockchain Used?

Cryptocurrency: Digital currencies like Bitcoin and Ethereum run on blockchain.

Supply Chain: To track the supply of goods.

Voting Systems: For transparent and secure voting.