Blockchain

Blockchain is a distributed ledger technology that securely records and verifies transactions in a decentralized and transparent manner. Unlike traditional centralized systems, where a single entity has control over data, a blockchain consists of a network of nodes that work together to validate and store transactions in a chain of blocks. Once a transaction is added to the blockchain, it becomes permanent and tamper-proof, ensuring data integrity and security. The most famous application of blockchain is in cryptocurrencies like Bitcoin.

Each block in a blockchain contains a batch of transactions, and they are linked together through cryptographic hashes. This design makes it extremely difficult to alter the data without altering all subsequent blocks, a process that would require a consensus from the majority of the network. .

As a result, blockchain technology is heralded for its trustworthiness, reducing the need for intermediaries in various industries, from finance and supply chain management to voting systems and identity verification. However, it also presents challenges related to scalability, energy consumption, and regulatory compliance that continue to be researched and addressed..