🌔 What is Blockchain Technology 📗
❇️Blockchain technology is a decentralized digital ledger that records transactions across multiple computers to ensure security, transparency, and immutability. Each record, or “block,” contains a list of transactions. These blocks are linked together in a chronological “chain,” making it difficult to alter any single block without changing all subsequent blocks.
❇️The technology operates on a peer-to-peer network where each participant, or “node,” has access to the entire blockchain. Transactions are verified by consensus mechanisms, such as Proof of Work (PoW) or Proof of Stake (PoS), which ensure that all nodes agree on the validity of transactions before they are added to the blockchain.
❇️Blockchain’s key features include decentralization, which removes the need for a central authority; transparency, as all transactions are publicly recorded and visible; and security, due to cryptographic techniques that protect data from tampering.
❇️Originally developed for the cryptocurrency Bitcoin, blockchain technology now has diverse applications, including supply chain management, voting systems, and smart contracts, which are self-executing contracts with the terms directly written into code.
❇️Overall, blockchain technology promises to revolutionize various industries by providing a more secure, transparent, and efficient way to handle digital transactions and data.
