What is blockchain?
Imagine a digital ledger like a notebook, specifically used to record transactions. But this ledger is not stored in one place; it is distributed across many computers around the world. This magical ledger is called blockchain.
Here's how it works:
Block: Each transaction is written in a "block", just like a page in a notebook.
Chain: When a block is filled, it connects to form a chain. This makes it difficult to alter previous transactions.
Decentralized: Blockchain is not controlled by any big entity (like a bank), but is maintained by many computers (called nodes) that work together to audit and confirm transactions.
Secure: Once a block is added, it cannot be changed. Therefore, blockchain is particularly secure and transparent.
Blockchain is not only used for cryptocurrencies like Bitcoin and Ethereum but can also track any valuable items, from money to supply chain data. It is changing various industries, making transactions safer, faster, and more transparent.
In simple terms, blockchain is like a public digital notebook that everyone can see, but no one can easily alter!
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