Blockchain is a decentralized, distributed digital ledger technology that records transactions across a network of computers in a secure, transparent, and tamper-proof way. It enables the transfer of data or assets without the need for a central authority.
Decentralization: No central authority—data is shared across all participants (nodes).
Immutability: Once recorded, transactions cannot be altered or deleted.
Transparency: Every participant can view the ledger and verify transactions.
Security: Advanced cryptography ensures data integrity and authenticity.
Consensus Mechanisms: Nodes agree on the validity of transactions using methods like Proof of Work (PoW) or Proof of Stake (PoS).
A transaction is requested.
The transaction is broadcast to a peer-to-peer network.
The network validates the transaction using a consensus algorithm.
Once validated, the transaction is added to a block.
The new block is added to the existing blockchain (ledger).
The transaction is complete and permanently recorded.
Public Blockchain: Open to anyone (e.g., Bitcoin, Ethereum).
Private Blockchain: Restricted access, used by organizations.
Consortium Blockchain: Controlled by a group of organizations.
Cryptocurrencies: Like Bitcoin and Ethereum.
Smart Contracts: Self-executing contracts with the terms directly written in code.
Supply Chain: End-to-end tracking of goods.
Healthcare: Secure patient data sharing.
Voting Systems: Transparent and tamper-resistant elections.
