What is Blockchain?

It is a technology that allows the recording of transactions in a secure, transparent and immutable way on a decentralized network. The term was first coined in 2008 by Satoshi Nakamoto, the creator of Bitcoin, and is the basis of many cryptocurrencies and technology projects.

How does it work?

Imagine you are keeping a record of transactions on a piece of paper. Every time there is a transaction, you write it on the sheet and the person making it signs the transaction. After a while, other people also start writing transactions on the sheet. But how can we ensure that no one alters what has already been written on the sheet? This is where Blockchain comes into play.

Instead of a piece of paper, a chain of blocks is used in Blockchain. Each block contains transactions and is cryptographically protected so that no one can modify it. Additionally, each block contains a link to the previous block, creating a chain of blocks in which each block is connected to the previous one. This way, if someone tries to modify the data in a block, the entire chain will be altered, which will be evident to all members of the network.

Characteristics:

1. Decentralization: As we mentioned above, Blockchain is a decentralized network in which all parties have access to the same data, making it impossible for anyone to have full control over the network.

2. Immutability: Data stored on Blockchain cannot be altered or deleted once it has been recorded.

3. Transparency: Every transaction is visible to all members of the network.

4. Agility: Blockchain transactions are processed automatically, which reduces transaction time and costs.

In short, Blockchain is a revolutionary technology that can be used in various sectors. Its security, transparency, decentralization and efficiency can help build a more just and equitable future for all.$BTC $ETH $XRP