Tag: Blockchain Technology

Blockchain technology is a decentralized digital ledger system that records transactions across multiple computers in such a way that the registered transactions cannot be altered retroactively. This technology ensures transparency and security by providing a tamper-proof structure, where each block of data is linked to the previous block, forming a chain. Each participant in the network has access to the entire blockchain, which allows for increased trust among users, as any changes to the ledger require consensus from the network. It primarily underpins cryptocurrencies like Bitcoin, but its applications extend to various industries including finance, supply chain, healthcare, and more, through smart contracts and decentralized applications (dApps). Blockchain’s characteristics, such as immutability, security, and transparency, aim to revolutionize traditional systems of data management and transactions by enabling direct peer-to-peer interactions without the need for intermediaries.