What is a blockchain? 🤔
Blockchain is a decentralized digital ledger that records transactions securely across a network of computers. Unlike traditional systems, no single person or organization controls the data; instead, it is shared among all participants. This setup promotes transparency and trust.
Once a transaction is recorded on the blockchain, it cannot be easily changed or deleted, ensuring that the information remains accurate and reliable. Each transaction is verified by the network before being added to the blockchain, which enhances security through advanced encryption techniques.
Blockchain technology is not just for cryptocurrencies. It has various applications, including banking and payments, tracking products in supply chains, securing medical records, and ensuring fair voting. Overall, it improves security and trust in many areas of business and technology.