Understanding Blockchain Technology
Blockchain is a decentralized technology that underpins cryptocurrencies like Bitcoin. It is essentially a distributed ledger that records transactions across multiple computers in a secure and transparent manner.
Key Concepts
- Decentralization: Unlike traditional centralized systems, blockchain operates on a decentralized network of nodes.
- Cryptographic Security: Transactions on the blockchain are secured using cryptographic techniques.
Applications
- Smart Contracts: Self-executing contracts with terms directly written into code.
- Supply Chain Management: Tracking and verifying the origins of goods.