Blockchain is a decentralized digital ledger technology that records transactions across multiple computers in a way that ensures transparency, security, and immutability. In simpler terms, it's like a digital ledger where transaction records are stored in blocks that are linked together in a chain, hence the name blockchain. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
For example, let's consider Bitcoin, the most well-known application of blockchain technology. In the Bitcoin blockchain, every transaction made with Bitcoin is recorded in a block. These blocks are linked together in chronological order, forming a chain of blocks. Each block contains a list of transactions, a timestamp, and a reference to the previous block's hash. Once a block is added to the chain, it cannot be altered or deleted without altering all subsequent blocks, providing a high level of security and transparency.
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