What is Blockchain?
Blockchain is a decentralized digital ledger technology that records transactions across many computers. 📜✨
- Decentralized: No single entity controls the entire network
- Immutable: Once recorded, data cannot be altered
- Transparent: All participants can view the ledger
Key Concepts
- Blocks: Individual records containing transaction data
- Chains: Linked list of blocks forming a continuous chain
- Consensus Mechanisms: Protocols like Proof of Work (PoW) or Proof of Stake (PoS)
- Smart Contracts: Self-executing contracts with predefined rules
How Blockchain Works
- Transaction Initiation
- Verification by Network Nodes
- Block Creation & Cryptographic Hashing
- Chain Addition via Consensus
For a deeper dive into advanced topics, check our Blockchain Advanced Tutorial. 🔗
Use Cases
- Cryptocurrency (e.g., Bitcoin, Ethereum)
- Supply chain management
- Smart contracts in DeFi
- Decentralized identity systems