DEMYSTIFYING BLOCKCHAIN TECHNOLOGY
What is Block Chain?
Blockchain functions as a distributed ledger that records transactions on a network of computers known as nodes. Unlike traditional centralized databases, where one entity controls the data, blockchains operate in a decentralized manner. Transactions are grouped into blocks, and these blocks are then linked together in chronological order, creating a chain. Each block contains a reference to the previous block, hence the term "chain." Tampering with one block would necessitate altering subsequent blocks, which is computationally infeasible. The most well-known instance of blockchain is Bitcoin, which introduced the concept in 2008. However, blockchain technology extends well beyond cryptocurrencies.