What is Blockchain?

Blockchain is a decentralized digital ledger that records transactions across many computers. This technology ensures that the recorded transactions cannot be altered retroactively, providing a secure and transparent way to conduct transactions.

Key Features of Blockchain

• Decentralization: Unlike traditional databases, blockchain does not have a central authority.
• Transparency: All participants can view the transactions, ensuring accountability.
• Security: Cryptographic techniques protect the data from unauthorized access.

Applications of Blockchain

Blockchain technology is not limited to cryptocurrencies. It has applications in supply chain management, healthcare, finance, and even voting systems. By providing a secure and transparent way to track transactions, blockchain can enhance trust and efficiency in various processes.

Challenges of Blockchain

Despite its advantages, blockchain faces challenges such as scalability, energy consumption, and regulatory issues. As the technology matures, solutions to these challenges are being developed, paving the way for broader adoption.