Understanding the Basics of Blockchain Technology

What is Blockchain?

Blockchain technology is a decentralized digital ledger that records transactions across multiple computers. It is known for providing a secure and transparent way to record information, which makes it difficult to alter or hack.

How Does Blockchain Work?

Essentially, blockchain works by grouping transactions into blocks and linking them in a chain. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. This ensures that each block is connected to the one before it, creating a secure chain of information.

Applications of Blockchain Technology

Blockchain technology has a wide range of applications beyond its original use in cryptocurrency. It is being used in industries such as finance, healthcare, supply chain management, and even voting systems. Its ability to provide secure and transparent record-keeping makes it a valuable tool in various sectors.