Blockchain is a decentralized, distributed digital ledger technology that records transactions across multiple computers in a way that ensures the security, transparency, and immutability of the data. It was originally developed as the underlying technology for Bitcoin, but its applications have since expanded far beyond cryptocurrency.
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Instead of relying on a central authority or server, blockchain relies on a network of nodes (computers) that work together to validate and record transactions.
Once a transaction is recorded on the blockchain, it cannot be altered or deleted. This is ensured through cryptographic hashing, which links each block of transactions to the one before it.
All participants in the blockchain network can view the transaction history. This transparency reduces fraud and ensures accountability..
Blockchain uses cryptographic algorithms to secure transactions and protect the integrity of the data. The distributed nature of the network makes it difficult for any single entity to tamper with the data.
Blockchain relies on consensus protocols, such as Proof of Work (PoW) or Proof of Stake (PoS), to validate transactions and ensure agreement among nodes on the state of the ledger.