Blockchain Technology
Blockchain technology is a decentralized digital ledger system that records transactions across multiple computers in such a way that the registered transactions cannot be altered retroactively, ensuring security and transparency. Each block in the chain contains a list of transactions, and once a block is filled, it is linked to the previous block, forming a chronological chain. This structure allows for trustless exchanges where parties do not need to rely on intermediaries.The technology operates on a consensus mechanism, often involving participants (nodes) validating transactions to ensure accuracy and agreement before adding new blocks to the chain. Blockchain is the foundational technology behind cryptocurrencies like Bitcoin, but its applications extend beyond digital currencies to include smart contracts, supply chain management, voting systems, and more. The immutability and transparency of blockchain promote accountability and can mitigate fraud in various sectors.
