What is Blockchain?

Blockchain is a decentralized, distributed ledger technology that records transactions across multiple computers in such a way that the registered transactions cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. In simpler terms, think of a blockchain as a digital ledger, or a record book, where transactions are recorded in blocks. Each block contains a list of transactions, a timestamp, and a cryptographic hash of the previous block, which links it to the previous block, hence forming a chain of blocks, hence the name "blockchain". Blockchain technology provides several key features:

> Decentralization : Unlike traditional centralized systems where a single entity has control over the data, blockchain operates on a decentralized network of computers (nodes), making it more resilient to failures and less prone to censorship.

> Transparency : Every transaction on the blockchain is visible to all participants in the network. This transparency enhances trust among users.

> Immutability : Once a transaction is recorded in a block and added to the blockchain, it is extremely difficult to alter or delete. This immutability is achieved through cryptographic hashing and consensus mechanisms.

> Security: Blockchain uses cryptographic techniques to secure transactions and ensure the integrity of the data. This makes it resistant to tampering and fraud.
Blockchain prominence primarily as the underlying technology for cryptocurrencies like Bitcoin, but its potential applications extend far beyond digital currencies. It can be used for various purposes such as supply chain management, voting systems, identity verification, smart contracts, and more.