Blockchain Technology

Blockchain technology refers to a decentralized digital ledger system that records transactions across multiple computers in such a way that the registered transactions cannot be altered retroactively. This technology enables secure and transparent record-keeping without the need for a central authority. Each block in a blockchain contains a list of transactions, and they are linked together in chronological order, forming a chain. The decentralized nature of blockchain ensures that all participants in the network have access to the same information, making it highly resistant to fraud and tampering.

Blockchain technology is most commonly associated with cryptocurrencies, such as Bitcoin, but its applications extend far beyond that, including fields like supply chain management, healthcare, finance, and voting systems. The use of cryptographic techniques enhances security, ensuring that the data stored on the blockchain is accessible only to authorized users while maintaining the integrity of the data. Overall, blockchain technology provides a way to enhance trust, accountability, and efficiency in various digital transactions and processes.