Blockchain

Blockchain is a revolutionary technology that functions as a decentralized, distributed ledger system. It underpins cryptocurrencies like Bitcoin and is foundational to the development of next-generation web technologies, such as Web3. Unlike traditional ledgers or databases that are controlled by a single entity, blockchain is maintained by a network of nodes, which are typically public and operate collaboratively.

Each transaction or record entered into a blockchain is secured using cryptographic techniques and linked to the previous transaction, forming a chronological chain of blocks—hence the term "blockchain." This linkage ensures that once a transaction is recorded, it becomes immutable and cannot be altered without the consensus of the network and without altering all subsequent blocks.

This structure not only enhances security and transparency but also eliminates the need for a centralized authority, thereby reducing the risk of manipulation, enhancing trust among users, and potentially lowering transaction costs. Blockchain is being explored for a wide array of applications beyond cryptocurrencies, including supply chain management, secure voting systems, real estate processing, and more, due to its ability to provide a verifiable and permanent data record.