Blockchain and its uses
Understanding Blockchain: The Backbone of Decentralization
Blockchain technology has emerged as one of the most transformative innovations in recent years. Originally developed as the underlying technology for Bitcoin, blockchain has since found applications in various industries, from finance and supply chain management to healthcare and beyond. But what exactly is blockchain, and when should you consider using it?
What is Blockchain?
At its core, a blockchain is a decentralized, distributed ledger that records transactions across a network of computers in a way that is secure, transparent, and tamper-proof. Unlike traditional databases that are managed by a central authority, blockchain operates without a central intermediary, relying on a network of nodes (computers) to validate and record transactions.
Key Characteristics of Blockchain
1. Decentralization:
— In a blockchain network, no single entity has control over the entire system. Instead, the network operates on a peer-to-peer basis, with each node holding a copy of the entire blockchain. This decentralization increases security and transparency.
2. Immutability:
— Once a transaction is recorded on the blockchain, it cannot be altered or deleted. This immutability is ensured through…
