Arsalan Shafi
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Blockchain is a decentralized, immutable digital ledger that records transactions across a network of computers, ensuring transparency and security without intermediaries.
Each block contains a timestamp, transaction data, and a cryptographic hash linking to the previous block, forming a chain.
Bitcoin introduced blockchain in 2008 for peer-to-peer payments, but its applications now span DeFi, supply chain, NFTs, and more.
Public blockchains like Ethereum are open and permissionless, while private ones restrict access.
Consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) validate transactions, balancing security and efficiency.
Benefits include trustlessness, reduced costs, and tamper-resistance, but challenges persist: scalability (Ethereum processes ~30 transactions/second vs. Visaโs 1,700), energy consumption (Bitcoinโs PoW uses ~150 TWh annually), and regulatory uncertainty.
Smart contracts automate complex operations, though bugs can lead to exploits $2 billion was stolen in 2023. Blockchainโs potential to reshape industries remains vast but requires overcoming technical and adoption hurdles.
Blockchain is a decentralized, immutable digital ledger that records transactions across a network of computers, ensuring transparency and security without intermediaries.
Each block contains a timestamp, transaction data, and a cryptographic hash linking to the previous block, forming a chain.
Bitcoin introduced blockchain in 2008 for peer-to-peer payments, but its applications now span DeFi, supply chain, NFTs, and more.
Public blockchains like Ethereum are open and permissionless, while private ones restrict access.
Consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) validate transactions, balancing security and efficiency.
Benefits include trustlessness, reduced costs, and tamper-resistance, but challenges persist: scalability (Ethereum processes ~30 transactions/second vs. Visaโs 1,700), energy consumption (Bitcoinโs PoW uses ~150 TWh annually), and regulatory uncertainty.
Smart contracts automate complex operations, though bugs can lead to exploits $2 billion was stolen in 2023. Blockchainโs potential to reshape industries remains vast but requires overcoming technical and adoption hurdles.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.ย See T&Cs.
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