Blockchain is known as a revolutionary way, technology to store and manage information. Here transactions are recorded across a network of computers as it acts like a digital ledger. It is not controlled by a single entity and the main reason for this is that unlike traditional databases, blockchain is decentralized.

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Let's discuss this below-

1. Block:

A blockchain is usually made up of blocks, which are basically like a digital container. Each block contains a set of transactions and can be anything from financial transactions to recording asset ownership.

2. Hashing:

When a block is created, its data is run through a complex mathematical function called a hash function. This function creates a unique and specified size string of characters called hash. And this hash represents the contents of the block.

3. Chain:

Usually the blocks are connected in such a way that it becomes a chain and each block contains the hash of the previous block. So it creates a chronological order and thereby makes it difficult to tamper with the data.

4. Decentralization:

Blockchain networks are decentralized because they do not rely on a central authority. Instead, the network is composed of many computers called nodes. Here a copy of the blockchain is kept at each node to ensure transparency and security

5. Consensus Process:

To add a new block to the chain, a consensus process is used here. And besides it ensures that all nodes and also agree on the validity of the new block.

Key Features of Blockchain:

Generally the Cryptographic hashes make it extremely difficult to alter the data on the blockchain. And also making all transactions visible to everyone on the network. Not only that once the data is recorded in the blockchain it cannot be changed which makes a good point of view towards security.

Applications of Blockchain:

Blockchain is the foundation of cryptocurrencies like we can say the example of Bitcoin and Ethereum. And tracking the movement of goods from origin to consumer is basically a supply chain management. It also allows healthcare i.e. secure storage and sharing of medical records. A blockchain voting system can better ensure the integrity of elections. and the another one is smart contracts, which are essentially self-executing contracts with contract terms written directly into code.

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So we can say that blockchain technology is a technology that has immense potential to revolutionize various industries. By understanding its basic principles, you can appreciate its significance and its impact on the future.

So friends, that's it for today. How do you like my topic today in the comments? I am ending here wishing everyone good health. All be well and stay healthy.

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Thank You

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