What is blockchain technology and how does it work

Blockchain is a distributed ledger technology that records transactions on multiple computers in a secure and transparent way. It allows for secure, decentralized and tamper-proof record-keeping.

In a blockchain network, transactions are grouped into blocks and added to a chain of blocks in a linear, chronological order. Each block contains a unique code called a “hash” and the hash of the previous block, forming a cryptographic link that ensures the integrity of the previous blocks.

Once a block is added to the chain, its data is considered verified and cannot be altered without changing the hashes of all subsequent blocks, which would require consensus from the network participants.

This decentralized structure and the use of cryptographic hashes make blockchains resistant to tampering and hacking, providing a high level of security and trust in the data recorded on the network.

Blockchains are commonly associated with cryptocurrencies, but the technology has numerous potential applications beyond this, including supply chain management, voting systems, digital identity management and more.

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