Blockchain is a decentralized, distributed ledger technology that securely records transactions across multiple computers. Each transaction is stored in a block, linked to the previous one, forming a chain—hence the name blockchain.
Key Features of Blockchain:
✅ Decentralized – No single entity controls the network; it is maintained by a distributed network of nodes.
✅ Immutable – Once data is recorded, it cannot be altered or deleted, ensuring security and trust.
✅ Transparent – Transactions are visible to all participants in the network, promoting accountability.
✅ Secure – Uses cryptographic techniques to prevent fraud and unauthorized modifications.
Common Use Cases:
•Decentralized Finance (DeFi) for financial services without intermediaries.
•Cryptocurrencies (e.g., Bitcoin, Ethereum) for secure peer-to-peer transactions.
•Smart Contracts that execute automatically when predefined conditions are met.
•Supply Chain Management for tracking goods and ensuring transparency.