Blockchain

Blockchain is a distributed ledger technology that enables the secure and transparent recording of transactions across a network of computers. Each transaction is grouped together in a block, and these blocks are linked in chronological order, forming a chain. This structure makes it resistant to modification and tampering, as altering any information in a block would require changes to all subsequent blocks, which is computationally infeasible in a decentralized system.Blockchain operates on the principles of decentralization, where no single entity has control over the entire chain; instead, all participants in the network (often referred to as nodes) maintain a copy of the ledger, ensuring transparency and trust among users. Consensus algorithms, such as Proof of Work (PoW) or Proof of Stake (PoS), are employed to validate new transactions and add them to the blockchain, preventing double-spending and ensuring that all participants agree on the state of the ledger.Originally designed for cryptocurrencies like Bitcoin, blockchain technology has expanded to various applications, including supply chain management, healthcare data, smart contracts, and more, due to its potential for enhancing security, improving traceability, and reducing fraud.