What is Blockchain?
A blockchain functions as a distributed ledger dispersed across nodes within a computer network. While widely recognized for its pivotal role in cryptocurrency systems, maintaining a secure and decentralized record of transactions, its utility extends beyond digital currencies. Blockchains offer the capability to ensure immutability of data across various industries.
The essence of a blockchain lies in its structure: data is stored in interconnected blocks, secured through cryptographic techniques. This design ensures that once information is recorded, it cannot be altered—a quality known as immutability.
Unlike conventional databases, which rely on centralized authority, blockchains operate on a decentralized premise. In systems like Bitcoin, no single entity holds control; rather, authority is distributed among all network participants.
The significance of blockchain technology is exemplified by its diverse applications. Beyond cryptocurrency, blockchains facilitate decentralized finance (DeFi) platforms, non-fungible tokens (NFTs), and the execution of smart contracts.
In essence, blockchain serves as a shared, secure, and transparent ledger, revolutionizing the way data is managed and transactions are conducted across various domains.
Read and learn more: How to Buy Bitcoin in India
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