Blockchain

Definition

A blockchain is a distributed database or ledger shared among a computer network's nodes. It stores information electronically in digital format and is best known for its crucial role in cryptocurrency systems like Bitcoin, where it maintains a secure and decentralized record of transactions. Each block contains a number of transactions, and every time a new transaction occurs, a record is added to every participant's ledger. The decentralized nature means no single entity controls the data. Blockchain technology has applications beyond cryptocurrency, including supply chain management, voting systems, smart contracts, and decentralized finance (DeFi).