Blockchain is a distributed digital ledger technology that securely records transactions across multiple computers in a way that prevents alteration of the record. Each block in the blockchain contains a list of transaction data and is linked to the previous block, forming a chronological chain. This structure ensures transparency, as all participants in the network have access to the same information.
Blockchain operates on the principle of decentralization, meaning it does not rely on a central authority or intermediary. Instead, it uses cryptographic techniques to provide security and authenticity. Transactions on a blockchain are typically validated by a consensus mechanism, ensuring that only legitimate transactions are added to the chain.
The technology is most commonly associated with cryptocurrencies like Bitcoin but has applications beyond finance, including supply chain management, healthcare, and digital identity verification, due to its ability to provide trust and transparency in various transactions and processes.
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