What is Blockchain and how it works

A blockchain is a decentralized and distributed digital ledger that is used to record transactions across a network of computers. It is a chain of blocks that contains information, and each block contains a set of transactions.

The way a blockchain works is through a consensus mechanism, where all the participants in the network agree on the current state of the ledger. When a new transaction is made, it is broadcast to the entire network. The network's nodes, also known as "miners," then work to validate the transaction and add it to the next block. Once a block is added to the blockchain, it cannot be altered or deleted.

Each block in the blockchain contains a unique code called a "hash," as well as the hash of the previous block in the chain. This creates a chain of blocks that are linked together, making it very difficult to tamper with the contents of any single block without being detected.

One of the key features of a blockchain is that it is decentralized, meaning that there is no single central authority controlling it. Instead, all the participants in the network have a copy of the ledger and work together to validate and add new transactions. This helps ensure the integrity and security of the blockchain.

The most well-known blockchain is Bitcoin, but the technology has many other use cases such as in supply chain management, voting systems, and digital identity, among others.