What is blockChain Techology?

Blockchain technology is a decentralized digital ledger system used to record transactions across multiple computers in a way that ensures security, transparency, and immutability. Each transaction is grouped into a block, which is then cryptographically linked to the previous block, forming a chain. This structure prevents tampering, as altering any block requires changing all subsequent blocks, which is computationally impractical.

Key features include:

Decentralization: Unlike traditional centralized databases, a blockchain operates on a peer-to-peer network, reducing the risk of a single point of failure.

Transparency: All transactions are visible to participants, fostering trust and accountability.

Security: Cryptographic techniques secure data and ensure that once recorded, transactions cannot be altered retroactively.

Immutability: The blockchain's design makes it highly resistant to data modification, ensuring a reliable record of transactions.

Blockchain technology underpins cryptocurrencies like Bitcoin but also has applications in various fields, including supply chain management, finance, and healthcare, by enabling secure, transparent, and efficient processes.

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