Blockchain Technology: A Brief Overview
Blockchain technology is a decentralized, distributed ledger system that securely records and verifies transactions across a network of computers. It has transformed industries by enabling transparency, security, and efficiency, removing the need for intermediaries. While blockchain is often associated with cryptocurrencies like Bitcoin and Ethereum, its applications extend far beyond digital currencies. Core Concepts At its heart, a blockchain is a chain of blocks, where each block contains a list of transactions. These blocks are linked together using cryptography, ensuring that once data is recorded, it cannot be altered without consensus from the network. Key characteristics of blockchain include: Decentralization : Unlike traditional centralized systems, blockchain operates on a peer-to-peer network. Every participant (node) has a copy of the blockchain, reducing reliance on a single authority and increasing resilience. Immutability : Transactions on...