What is blockchain?
Blockchain is a distributed ledger technology that allows for secure, transparent, and tamper-proof transactions. In a traditional database system, a central authority (such as a bank or government) controls and updates the ledger. In contrast, blockchain is decentralized, meaning that every participant in the network has a copy of the ledger and can view and verify transactions. The ledger is secured through cryptography and consensus mechanisms, ensuring that it cannot be altered or tampered with without the agreement of the majority of participants. One of the main reasons for blockchain's versatility is its ability to eliminate intermediaries and reduce the risk of fraud and errors. In industries such as finance, supply chain management, and healthcare, where trust is paramount, blockchain can increase transparency and accountability. For example, in the finance industry, blockchain can be used to create a more efficient and secure system for transactions and money transfers. I