A blockchain is a digital, decentralized, and immutable ledger that stores transactions or other data. This data is stored in individual blocks, which are chronologically linked and secured with a cryptographic hash value. This creates a chain of blocks that is immutable since each new block references the previous one.
Unlike traditional databases managed by a central authority, the blockchain operates on a distributed network of computers called nodes. These nodes each store a copy of the entire blockchain and independently verify new transactions.
This ensures a high level of transparency, security, and tamper resistance, as no single participant can gain control over the entire system.Blockchain technology is primarily used in cryptocurrencies such as Bitcoin or Ethereum but is also applied in various other fields such as supply chain management, healthcare, and digital identity management.
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