What is Blockchain?
Blockchain is a decentralized digital ledger that records transactions across many computers. 🧩
- Core Concept: Immutable records, distributed network, cryptographic security
- Key Features: Transparency, security, tamper resistance, peer-to-peer architecture
- Use Cases: Cryptocurrency (e.g., Bitcoin), smart contracts, supply chain tracking
How Does Blockchain Work?
- Block Creation: Transactions are grouped into blocks with unique hashes.
- Chain Linking: Blocks are linked using cryptographic hashes, forming a chain.
- Consensus Mechanism: Nodes validate transactions through proof-of-work or proof-of-stake.
Benefits of Blockchain
- Security: Cryptographic techniques protect data integrity. 🔒
- Transparency: All participants can view the ledger.
- Efficiency: Automates processes with smart contracts. 🤖
- Decentralization: Reduces reliance on central authorities.
Expand Your Knowledge
For deeper insights into blockchain applications, visit our guide on Blockchain Advanced Concepts. 🚀