Introduction
Blockchain technology is the backbone of cryptocurrencies. At its core, blockchain is a distributed ledger that securely records transactions across a network of computers.
How Does Blockchain Work?
- Blocks: Each block contains transaction data.
- Chain: Blocks are linked in chronological order, forming a chain.
- Consensus Mechanisms: Verification is achieved through methods like Proof of Work (PoW) or Proof of Stake (PoS).
Why is Blockchain Revolutionary?
- Transparency: Transactions are visible to all participants.
- Security: Tamper-proof records prevent fraud.
- Efficiency: Eliminates intermediaries, speeding up processes.
Applications Beyond Cryptocurrency
- Supply Chain Management: Track goods from origin to consumer.
- Healthcare: Securely store patient records.
- Voting: Create transparent and tamper-proof elections.
Conclusion
Blockchain is more than just crypto; it’s a game-changer for multiple industries. Its potential to enhance security, transparency, and efficiency makes it one of the most important technologies of the 21st century.