Blockchain technology is a distributed ledger technology that is used to record and verify transactions or interactions on a network. It is a decentralized and secure way to store and manage data, and it has the potential to revolutionize a wide range of industries and applications.
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data.
Blockchains are typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.
Blockchain technology has the potential to revolutionize a wide range of industries, including finance, supply chain management, and more. It is used to create and manage cryptocurrencies, such as Bitcoin, and it is also being explored for use in a variety of other applications, including voting systems, intellectual property management, and more.
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