The Benefits of Blockchain in Web3.

Blockchain technology is a new way that allows data to be stored in a secure, transparent manner, with no single entity having control over it. It is referred to as "a chain of data blocks."

How Blockchain Works:

1. Data comes in small groups (blocks).

2. Each block contains:

Data (like transactions)

A unique identifier (hash)

The identifier of the previous block

3. The subsequent block is linked to the previous one like a chain.

4. This prevents changes to the data that has already been recorded, because any change would affect the entire chain.

Key Features of Blockchain:

Decentralized: Everyone has a copy of their data, and no single company or government has sole control over it.

Transparent: Anyone can see everything that happens within the blockchain.

Secure: Multiple parties must agree to a change before it is executed.

Immutable: Once something is recorded, it cannot be deleted or altered.

Example:

If Aisha sends Musa 100 Naira through blockchain technology, this transaction will enter a block, be added to the chain, and cannot be changed.

Hope you understand the benefits of blockchain and how it operates?

Thank you.