Blockchain Technology

About

Blockchain technology is a decentralized digital ledger system that securely stores and manages data across a network of computers. It operates on a peer-to-peer basis, eliminating the need for a central authority. Each transaction or piece of data is stored in a "block," which is linked to previous blocks through cryptographic hashes, creating a chain. This structure ensures that data is tamper-proof and immutable, as altering any block would require modifying all subsequent blocks, which is computationally infeasible. Blockchain's key features include decentralization, transparency, and security. It uses consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) to validate transactions, ensuring that all nodes agree on the state of the ledger. This technology has applications beyond cryptocurrency, such as smart contracts, supply chain management, and cybersecurity. Its decentralized nature reduces vulnerabilities by eliminating central points of failure, making it a robust solution for secure data storage and transaction management.