Blockchain is a type of technology that is used to keep track of information, like financial transactions. It’s different from traditional systems because it is decentralized, meaning that it is not controlled by any single organization. Instead, it’s made up of a network of computers that work together to keep everything running.
When a new transaction happens, it is checked by all the computers on the network to make sure it’s legitimate. If it is, the transaction is added to a “block” of information. Each block contains a unique code called a “hash” that is based on the information in that block.
These blocks are linked together in a chain, which is why it’s called a “blockchain.” The chain is constantly being updated with new blocks as more transactions occur. Because the hash of each block is included in the next block, it creates a secure and tamper-proof record of all the transactions that have happened on the network.
Blockchain has many potential uses beyond just financial transactions, such as in healthcare, supply chain management, and voting systems. It’s a very secure and transparent way to keep track of information.
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