Blockchain is a distributed ledger technology that allows for secure and transparent record-keeping of transactions. It is a decentralized system that is not controlled by any single authority, making it resistant to tampering or fraud. Blockchain is used in a variety of applications, including cryptocurrencies like bitcoin, supply chain management, and voting systems.
The basic idea behind blockchain is that it allows
multiple parties to share a single, tamper-evident record of transactions. This
record, known as a "blockchain," is distributed across many
computers, or "nodes," in the network, and each node has a complete
copy of the blockchain. When a new transaction is added to the blockchain, it
must be validated by the network through a process called "consensus"
before it can be permanently added to the blockchain. This ensures that the
transaction is legitimate and prevents any single party from manipulating the
transaction history.
Overall, the main purpose of blockchain is to provide a
secure and transparent way to store and verify transactions without the need
for a central authority. This has the potential to revolutionize many different
industries by making it easier to track and verify complex transactions, such
as supply chain management, voting systems, and financial transactions.
