Blockchain
Blockchain is a decentralized and distributed digital ledger technology that records transactions across multiple computers in a secure, transparent, and immutable manner. Each transaction is stored in a block, and these blocks are linked chronologically, forming a chain. A key feature of blockchain is its use of cryptographic algorithms to ensure data integrity and security, making it highly resistant to tampering or unauthorized alterations. This technology eliminates the need for intermediaries, enabling peer-to-peer transactions in various domains, from financial services to supply chain management.
The most well-known application of blockchain is in cryptocurrencies, such as Bitcoin and Ethereum, which rely on the technology to enable secure and transparent transactions. However, its potential extends far beyond digital currencies. Blockchain is being utilized in industries like healthcare for secure patient record management, in real estate to streamline property transactions, and in logistics to improve supply chain traceability. Despite its numerous benefits, blockchain faces challenges such as scalability issues, high energy consumption (particularly in proof-of-work systems), and regulatory uncertainties. As the technology continues to evolve, its transformative impact on global industries is becoming increasingly apparent.