Blockchain technology has become one of the most revolutionary innovations of the 21st century offering a new way to securely store and share data. At its core a blockchain is a distributed ledger that records transactions across multiple computers in such a way that the registered transactions cannot be altered retroactively. This provides a level of security and transparency that is not possible with traditional centralized databases.
The concept of blockchain was first introduced in 2008 by an individual or group under the pseudonym Satoshi Nakamoto. It was initially designed as the underlying technology behind Bitcoin the first decentralized cryptocurrency. However its potential goes far beyond just digital currencies. Blockchain can be applied to a wide range of industries including healthcare finance supply chain management and more providing a secure transparent and efficient way to handle data.
A blockchain consists of a series of 'blocks' which contain records of transactions. Each block is linked to the previous one forming a chain. This chain of blocks is distributed across a network of computers known as nodes ensuring that all copies of the ledger are synchronized and identical. When a new transaction occurs it is verified and added to the blockchain by the network participants. This decentralized nature eliminates the need for a central authority making blockchain a powerful tool for fostering trust in a wide range of applications.
