Blockchain technology is a digital ledger of transactions that is distributed across a network of computers. It is the underlying technology behind cryptocurrencies like Bitcoin and is used to record and verify transactions without the need for a central authority or intermediary.
Each block in a blockchain contains a record of multiple transactions, and each block is cryptographically linked to the previous block, creating a chain of blocks. This makes it virtually impossible to alter or tamper with the records in a blockchain, as any change to a single block would require changing all of the subsequent blocks in the chain.
In addition to its use in cryptocurrencies, blockchain technology has the potential to be applied in a variety of other fields, including supply chain management, voting systems, and medical records. Its decentralized and secure nature make it an attractive option for applications where trust and security are important.
Overall, blockchain technology is a revolutionary development that has the potential to disrupt many industries and change the way we conduct transactions and manage data. It is an important area of research and development, and its impact on society and the economy is likely to continue to grow in the coming years.