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What is a Blockchain?

A blockchain is a decentralized, digital ledger that records transactions on multiple computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

How Does it Work?

Each block in a blockchain contains a cryptographic hash of the previous block, a timestamp, and transaction data. When a new block is added to the chain, it is broadcast to the network and verified by network nodes through the process of consensus. Once verified, the block cannot be altered without altering all subsequent blocks and being detected by the network.

Why is it Important?

Blockchain technology has the potential to revolutionize a wide range of industries by providing a secure and transparent way to track and verify transactions. It has the potential to reduce fraud, increase efficiency, and create new business models.

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