Blockchain is a revolutionary technology that enables peer-to-peer transactions without the need for intermediaries like banks or governments. It operates on a decentralized network of computers (nodes), where each node holds a copy of the entire ledger. Transactions are bundled into blocks and added to the chain in a sequential and immutable manner.
One of blockchain’s key features is its security. Each block contains a cryptographic hash of the previous block, creating a tamper-proof link between them. Additionally, consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) ensure that transactions are valid and agreed upon by the network before being added to the chain.
Beyond its use in cryptocurrencies like Bitcoin and Ethereum, blockchain has vast potential for applications such as supply chain management, identity verification, healthcare records, and decentralized finance (DeFi). Its transparency, immutability, and trustworthiness make it a disruptive force across various industries, promising greater efficiency, security, and accessibility in the digital age.
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