What is blockchain?

 

Blockchain is a distributed digital ledger that records transactions on a network of computers. Each block in the chain contains a number of transactions, and every time a new transaction is added to the chain, it is verified by the network of computers, which use complex algorithms to ensure the integrity of the data.

The blockchain is considered to be secure because it is decentralized, meaning that there is no central authority controlling the data. Instead, every node in the network has a copy of the ledger, and any changes must be approved by a consensus of the nodes before they are recorded.

This technology was first developed for the cryptocurrency Bitcoin, but it has since been adopted for many other applications, such as supply chain management, voting systems, and digital identity verification. The benefits of blockchain include increased transparency, security, and efficiency in transactions.