A blockchain 2025
is a distributed, decentralized ledger that keeps transaction records in a secure and easily traceable manner across many computers. Each record, called a block, has been created after passing through verification and is connected to its predecessor, forming a chain hence the name blockchain.
How Does Blockchain Technology Work?
1. Transaction Initiation: The transaction is initiated by a user. This may include sending cryptocurrency.
2. Verification: The transaction is verified by a network of computers called nodes.
3. Block Formation: Verified transactions are grouped together into a block.
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4. Consensus Mechanism: The nodes must reach a consensus (for instance through methods such as Proof of Work or Proof of Stake) before adding the block to the chain
5. Immutable Record: A block cannot be changed once it has been added to the chain.Blockchain
blockchain
Uses of Blockchain Technology
Cryptocurrency: an avenue for Bitcoin, Ethereum; Supply Chain: tracks goods in real-time for authenticity; Smart Contracts: puts automation in agreements between parties, and minimizes middlemen; Banking & Finance: this enables transactions that are most secure that are a lot faster, while healthcare; stores and secures patient records.