Blockchain technology is a decentralized digital ledger that records transactions across many computers in a way that is secure, transparent, and tamper-proof.
How It Works (In Short):
- Transactions are grouped into blocks.
- Each block links to the previous one, forming a chain.
- The network of computers (nodes) validates and agrees on the transactions using consensus mechanisms.
- Once recorded, data in a block cannot be altered without changing all subsequent blocks, ensuring security.
Key Applications:
- Cryptocurrencies (e.g., Bitcoin)
- Supply chain tracking (ensures product authenticity)
- Smart contracts (self-executing contracts without intermediaries)
- Voting systems (secure and transparent elections)
- Identity verification (digital IDs)
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