Blockchain is a series of connected blocks containing information on certain transactions or activities. Blockchain technology provides a decentralized ledger system, useful for recording and verifying transactions transparently and securely.
On the blockchain, all transactions are recorded in new blocks added to the chain. Each block references the previous block, resulting in a chronological and irreversible transaction trail. The authenticity and integrity of data in the blockchain is guaranteed by strong cryptographic encryption.
Blockchain is unique because of its decentralized nature. No single central party or authority controls or has full control over the blockchain.
Blockchain enables transparency, security, and efficiency. With the growing potential for innovation, blockchain is expected to continue positively impacting many sectors in the future.