What is Blockchain?
• A decentralized, distributed ledger system that records transactions across a network of computers.
How Does Blockchain Work?
• Transactions are grouped into blocks and added to the blockchain in a chronological order.
• Each block contains a hash of the previous block, creating a secure and tamper-proof chain.
• Transactions are verified by network participants and cannot be altered once added to the blockchain.
Benefits of Blockchain:
• Decentralization: Eliminates the need for intermediaries and central authorities.
• Security: Transactions are highly secure due to cryptography and the distributed nature of the blockchain.
• Transparency: All transactions are recorded on the blockchain and can be viewed publicly.
Applications of Blockchain:
• Cryptocurrencies: The foundation for digital currencies like Bitcoin and Ethereum.
• Supply Chain Management: Tracking goods and materials throughout the supply chain.
• Voting Systems: Secure and transparent voting processes.
• Healthcare: Secure storage and sharing of medical records.
Understanding the Basics of Cryptocurrency and Blockchain
• Decentralization: Both cryptocurrency and blockchain are decentralized, meaning they operate without the control of a central authority.
• Security: Cryptography and the distributed nature of blockchain provide strong security for transactions and data.
• Transparency: All transactions are recorded on the blockchain, ensuring transparency and accountability.
• Potential: Cryptocurrency and blockchain have the potential to revolutionize various industries and create new opportunities.