What is blockchain.......?
Blockchain is a distributed and decentralized digital ledger technology that records transactions in a secure, transparent, and immutable manner. It consists of a chain of blocks, each containing a list of transactions.
Here's how it works: Each new transaction is grouped into a block along with other transactions. Once a block is full, it's linked to the previous block in chronological order, forming a chain. Each block contains a unique code (hash) that includes the information from the previous block, creating a connection between them.
What makes blockchain special is its decentralized nature. Instead of a central authority, multiple participants (nodes) in the network validate and agree on transactions through consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS). This ensures security and prevents tampering with past transactions.
Because data is stored across multiple nodes and the blocks are connected, it's extremely difficult to alter or delete information once it's added to the blockchain. This immutability and transparency make blockchain valuable for various applications beyond cryptocurrencies, such as supply chain management, voting systems, and more.