Blockchain

What is Blockchain?

A decentralized and distributed digital ledger that securely records transactions across multiple computers, ensuring data integrity, transparency, and immutability. Unlike traditional databases controlled by a single entity, a blockchain is maintained by a network of nodes that collectively validate and record transactions. Each participant in the network has a copy of the entire blockchain, which makes the system redundant and consistent. Once data is recorded in a block and added to the blockchain, it cannot be altered or deleted, thanks to cryptographic hashing and the linking of blocks. Blockchain technology uses consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) to validate transactions, ensuring agreement among nodes. While blockchains are commonly associated with cryptocurrencies like Bitcoin and Ethereum, they also have applications in various industries such as supply chain management, healthcare, and finance.

The integrity of a blockchain is maintained through consensus mechanisms such as Proof of Work (PoW), where miners solve complex mathematical problems to add new blocks, or Proof of Stake (PoS), where validators are selected based on the amount of cryptocurrency they lock as collateral. These systems prevent fraudulent transactions and eliminate the need for centralized oversight, making the blockchain a trustless and self-regulating environment.

Blockchains are most commonly known for supporting cryptocurrencies like Bitcoin and Ethereum, but their utility extends far beyond finance. They are increasingly used in supply chain tracking, healthcare record management, digital identity verification, voting systems, intellectual property protection, and more. The transparent, secure, and decentralized nature of blockchain makes it a transformative technology for a wide range of industries.