A blockchain is a distributed ledger technology that allows for secure, transparent, and tamper-proof recording of data. It is a continuously growing list of records, called blocks, that are linked and secured using cryptography. Each block contains a timestamp, transaction data, and a reference (hash) to the previous block. This creates a chain of blocks that is resistant to modification.
Here are some key characteristics of blockchain:
- Decentralization: Blockchain data is not stored in a single location, but rather on a network of computers around the world. This makes it resistant to censorship and fraud.
- Transparency: All transactions on a blockchain are publicly viewable. This allows for increased trust and accountability.
- Security: Blockchain uses cryptography to secure its data. Each block is cryptographically hashed, meaning that any change to the data will result in a change to the hash. This makes it very difficult to tamper with blockchain data.
- Immutability: Once data is added to a blockchain, it cannot be changed. This ensures the integrity of the data.
Blockchain technology has the potential to revolutionize a wide range of industries, including finance, healthcare, supply chain management, and voting.
