Blockchain is a decentralized, digital ledger that records transactions across a network of computers. It uses cryptography to secure transactions and ensure that once a block is added to the chain, it cannot be altered. This makes it an attractive technology for various use cases such as cryptocurrency, supply chain management, voting systems, and more.
One of the key benefits of blockchain is its transparency, as every participant in the network can access the same information. Additionally, it eliminates the need for intermediaries, as transactions can be validated by the network instead of relying on a central authority.
However, there are also challenges associated with blockchain technology, such as scalability and energy consumption. Scalability refers to the ability of the network to handle a large number of transactions, and energy consumption refers to the amount of electricity needed to validate transactions and add them to the chain.
Despite these challenges, many industries are exploring the use of blockchain for various purposes, and it is expected to have a significant impact on the way we conduct transactions and exchange value in the future.