Blockchain technology is a decentralized, distributed ledger that records transactions on multiple computers. It is the underlying technology that powers cryptocurrencies like Bitcoin, but it has many other potential uses as well.
In a blockchain, transactions are recorded in blocks, and each block is linked to the previous block, forming a chain. This makes it difficult to alter the record, as any tampering with a block would be detectable and would require tampering with all the subsequent blocks in the chain as well.
Blockchain technology has several key characteristics:
Decentralization: There is no central authority in charge of a blockchain. Instead, it is maintained by a network of computers, or "nodes," that work together to validate and record transactions.
Immutability: Once a block has been added to the chain, it is very difficult to change. This makes it a secure way to record transactions.
Transparency: All transactions recorded on a blockchain are visible to anyone who has access to the chain.
Security: Blockchain technology uses cryptographic techniques to secure the data stored in the blocks and to ensure that transactions are secure and cannot be altered.
There are many potential uses for blockchain technology beyond cryptocurrencies, such as supply chain management, voting systems, and medical record keeping. It is still a relatively new technology, and its full potential has not yet been realized.
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