What Is Blockchain?

Blockchain is a distributed digital ledger technology utilized for recording and managing transaction data. It comprises a series of data blocks, each containing a specific amount of transaction information and a reference to the preceding block, thereby forming an ever-expanding chain known as the blockchain.

Blockchain establishes a trusted record by employing encryption technology, ensuring an immutable and tamper-proof distributed ledger through cryptography.

While most commonly associated with the Bitcoin whitepaper, this concept predates it, tracing back to the work referenced in Bitcoin's founding document by its creator, Satoshi Nakamoto.

Blockchain stands as a revolutionary technology with a diverse range of applications, including finance, supply chain management, healthcare, voting systems, real estate registration, and more. Its features, encompassing decentralization, security, transparency, and smart contracts, position it as one of the significant innovations of the digital age.

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BITOY Team