Blockchain is a decentralized digital ledger.
Imagine a notebook shared among thousands of people. When someone writes a transaction, everyone sees and verifies it.
How It Works
- User initiates transaction.
- Network verifies.
- Transaction grouped into block.
- Block linked to previous block.
- Stored permanently.
Each block contains:
- Transaction data
- Timestamp
- Unique hash
- Previous block’s hash
This linking makes it nearly impossible to alter past data.
Why Blockchain Is Secure
- Decentralized network.
- Cryptographic hashing.
- Immutable records.
Used in:
- Banking
- Healthcare
- Supply chain
- Real estate
- Voting systems
Blockchain is the backbone of cryptocurrency.