A blockchain is a decentralized, digital ledger that records transactions across a network of computers. Each block in the chain contains a list of transactions, and every time a new transaction occurs, a record of it is added to each participant’s ledger.
The blockchain is secure because every block is linked to the previous one using cryptographic principles, making it nearly impossible for someone to alter past transactions without the network’s majority consent. This transparency and security make blockchain an effective tool for recording transactions in a tamper-proof and efficient way.
Blockchain technology is the foundation of cryptocurrencies like Bitcoin, serving as the underlying infrastructure that enables peer-to-peer transactions without the need for intermediaries like banks. It also has applications beyond cryptocurrency, such as in supply chain management, voting systems, and healthcare records, where secure and transparent record-keeping is important.
