Blockchain is a game changing technology that has changed the way we handle digital transactions and data. At its heart is a decentralised, distributed ledger that records transactions across multiple computers in a way that is secure, transparent and immutable. Once data is in the blockchain it can’t be altered or deleted so it’s a very reliable way to track and verify information.
One of the main applications of blockchain is in cryptocurrencies like Bitcoin and Ethereum where it enables secure peer to peer transactions without the need for banks. But blockchain’s potential goes way beyond digital currencies. It’s being used in finance, supply chain management, healthcare and even voting systems.
Blockchain works by a series of blocks, each with a list of transactions. These blocks are linked together using cryptography to form a chain. Each new transaction is added to the blockchain after verification through a consensus mechanism so all participants agree it’s valid. This decentralised approach means hacking one node in the network won’t compromise the whole system.
Plus blockchain offers transparency. All participants in a blockchain network have the same data so fraud is reduced and there’s a clear audit trail.
It’s big. Really big.
Blockchain technology is a decentralized, digital ledger that records transactions in a secure, transparent, and immutable manner. It uses cryptography to create a tamper-proof record of all transactions and distributes it across a network of computers, known as nodes. Each block in the blockchain contains a set of transactions, and once added, it cannot be altered or deleted.
The idea of blockchain technology was first introduced in 2008 by an anonymous person or group of people under the name Satoshi Nakamoto. It was created as a secure and transparent way to record transactions in a decentralized network, without the need for intermediaries or central authorities.
