Blockchain

Blockchain technology serves as the foundation for cryptocurrencies and many other digital applications, functioning like a digital ledger that's distributed across thousands of computers worldwide. Imagine a notebook where every page (block) contains a list of transactions, and each page is permanently linked to the previous one using complex mathematical codes. Once information is recorded in a block and added to the chain, it becomes extremely difficult to alter or delete, creating an immutable record of all transactions. This distributed nature means no single entity controls the blockchain – instead, the network of computers (called nodes) works together to validate and record new transactions. When someone wants to send cryptocurrency, the transaction is broadcast to the network, verified by multiple computers using cryptographic algorithms, and then added to a new block. Each block contains a unique fingerprint (hash) that connects it to the previous block, forming the 'chain.' This system eliminates the need for traditional intermediaries like banks because the network itself ensures transaction validity and prevents double-spending. Beyond cryptocurrencies, blockchain technology enables smart contracts, supply chain tracking, digital identity verification, and many other applications that benefit from transparent, secure, and decentralized record-keeping.