BLOCKCHAIN

A blockchain is a distributed, decentralized, and open digital ledger used to evidence transactions among numerous computers in a way that prevents changes from being made retrospectively without affecting all blocks behind them and the network's consensus.

It is the foundational technology for cryptocurrencies like Bitcoin and has various applications beyond digital currencies. Blockchain operates on a network of computers distributed worldwide, each node having a copy of the entire blockchain. Transactions are grouped into blocks, each with a unique cryptographic hash. Agreement mechanisms, such as Proof of Work (PoW) and Proof of Stake (PoS), validate and agree on the contents of the blocks. Immutability is crucial for ensuring the integrity of the blockchain.

The decentralized ledger is transparent and tamper-resistant, allowing anyone to view the entire transaction history. Trustlessness is another advantage of blockchain technology. Some blockchains, like Ethereum, will enable the execution of smart contracts, which automatically execute contract terms when predefined conditions are met. Blockchains are used in various applications, including supply chain tracking, identity verification, digital voting, and decentralized finance.


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