What is blockchain technology?

Blockchain technology is a decentralized, distributed ledger that allows for secure and transparent record-keeping. It was first introduced in 2008 as the underlying technology for the cryptocurrency Bitcoin, but it has since found use in a variety of other applications.

The blockchain consists of a series of blocks, each containing a record of multiple transactions. These blocks are linked together in a chronological chain, creating an immutable record that cannot be altered without the consensus of the network. This makes the blockchain highly resistant to tampering or corruption.

In order to add a new block to the chain, a consensus mechanism is used to verify the validity of the transactions contained within it. This can be done through a proof-of-work or proof-of-stake mechanism, among others. Once the block has been verified, it is added to the chain and becomes part of the permanent record.

Blockchains can be used for a wide range of applications beyond cryptocurrencies, such as supply chain management, voting systems, and digital identity verification. They offer a secure and transparent way to record transactions and information, making them a promising technology for a variety of industries.