:max_bytes(150000):strip_icc()/Blockchain_final-086b5b7b9ef74ecf9f20fe627dba1e34.png "Blockchain Facts: What Is It, How It Works, and How It Can Be Used")
Blockchain technology is a decentralized, distributed ledger that records transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks. This technology ensures secure and transparent transactions without the need for intermediaries[1][3][4].
A blockchain consists of blocks that contain data, and these blocks are linked together in a chronological chain using cryptographic hashes. Each block contains a hash of the previous block, a timestamp, and transaction data, making the data immutable and verifiable by any participant in the network[1][2][3][4].
Blockchains can be public, private, or consortium-based. Public blockchains are accessible to anyone, while private blockchains are restricted to specific participants. Consortium blockchains are controlled by a group of organizations[4][5].
This technology is foundational to cryptocurrencies like Bitcoin and has potential applications in various industries, including finance, healthcare, supply chain management, and beyond, offering enhanced security, transparency, and efficiency[2][3][4].
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