Summary

Blockchain is a distributed ledger technology designed to securely store transactions in a decentralized, tamper-resistant manner. It operates on a peer-to-peer (P2P) network, where nodes are connected in a chain of blocks, each containing records of transactions. Blockchain technology uses cryptography, consensus mechanisms, and digital signatures to ensure security, transparency, and integrity. Key technologies such as cryptographic hash functions, smart contracts, and consensus algorithms help maintain network security and prevent tampering. Blockchains are used in various applications, most notably in cryptocurrencies like Bitcoin, where the system's decentralized nature removes the need for a central authority, making transactions more secure, transparent, and immutable. Blockchain also has significant potential across industries for creating more efficient, secure, and transparent systems.