What Is Blockchain Technology?
Blockchain is a distributed digital ledger that records transactions across a network of computers. Once data is recorded, it is extremely difficult to alter — making it a foundational technology for cryptocurrencies, smart contracts, and decentralized applications.
How Does a Blockchain Work?
- Blocks: Each block contains a set of transaction data, a timestamp, and a cryptographic hash of the previous block.
- Chain: Blocks are linked sequentially, creating an immutable chain of records.
- Decentralization: The ledger is maintained by thousands of nodes (computers) worldwide, removing the need for a central authority.
Key Use Cases
- Cryptocurrency (Bitcoin, Ethereum)
- Smart contracts and DeFi (decentralized finance)
- Supply chain transparency
- Digital identity verification
Public vs. Private Blockchains
Public blockchains like Bitcoin are open to anyone. Private blockchains restrict access and are used by enterprises for internal record-keeping.
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