Understanding the Basics of Blockchain Technology
What is Blockchain Technology ? Blockchain technology is a decentralized and distributed digital ledger that records transactions on multiple computers, known as "nodes," so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. In simple terms, a blockchain is a database that is shared across a network of computers. Each block in the chain contains a record of multiple transactions, and once data is recorded on a block, it cannot be altered. This creates a secure and transparent system for recording transactions. Advantages of Blockchain Technology: Security: One of the main advantages of blockchain technology is its security. Since each block in the chain is connected to the previous block, it is almost impossible to alter the data without the consensus of the network. Transparency: Blockchain technology allows for transparent and immutable records, which can increase trust and accountability in