What is Blockchain?

Blockchain is a type of distributed ledger technology. It records data in units called “blocks,” which are linked together in a chain structure to form a secure, tamper-proof, and transparent database. Key features of blockchain include:

• Distributed Storage: Every node in the blockchain network holds a complete copy of the data, eliminating the risk of a single point of failure.

• Decentralization: There is no central authority managing the data; instead, all participants jointly maintain the network’s security and integrity.

• Immutability: Each block contains the cryptographic hash of the previous block, making it easy to detect any unauthorized changes to past data.

• Transparency: All transactions on the blockchain are open to participants, fostering trust and accountability.

Thanks to these features, blockchain has found wide-ranging applications in finance, logistics, healthcare, supply chain management, and more.