Blockchain is a decentralized and distributed digital ledger technology that is

used to record transactions across a network of computers. Each block in the chain
contains a cryptographic hash of the previous block, a timestamp, and transaction
data. The use of cryptographic techniques makes the blockchain tamper-resistant and
secure.

In simple terms, a blockchain is a database that is spread across a network of

computers, and each computer on the network maintains a copy of the database. When
a transaction occurs, it is verified by the network and added to the blockchain.
The transaction data is encrypted and stored in a block, which is then added to the
chain of previous blocks, creating a permanent and unalterable record.

One of the key features of blockchain is its decentralization. Unlike traditional

databases that are controlled by a single entity, blockchain is maintained by a
network of computers, making it more secure and resistant to hacking or tampering.
This also eliminates the need for intermediaries such as banks, reducing the cost
and time required for transactions.

Another feature of blockchain is its transparency. Since every transaction is

recorded and visible to all participants on the network, it creates a level of
transparency that is difficult to achieve in traditional systems. This makes
blockchain ideal for applications such as supply chain management and voting
systems.

Blockchain technology has found applications in a wide range of industries,

including finance, healthcare, and supply chain management. One of the most well-
known applications of blockchain is the cryptocurrency Bitcoin, which uses
blockchain to maintain a decentralized ledger of all Bitcoin transactions.

In addition to Bitcoin, there are a variety of other cryptocurrencies that use

blockchain technology, such as Ethereum, Litecoin