WHAT IS BLOCKCHAIN ?

Blockchain can be described as a decentralized database technology. It enables trustworthy information exchange among participants in a network. Data is grouped into packages called blocks, and each block contains a "hash," which is a summary of the information in the previous block. Blocks are linked together, forming a chain.

Key features of blockchain include:

1. Decentralization: Information is stored on many computers or nodes in the network. This allows data to be shared without reliance on a central authority.
2. Security: Information is secured through strong cryptographic links between blocks. If the content of a block is altered, it is easily detectable because the change affects the block's hash, alerting the network.
3. Transparency and Traceability: All participants can review the information in blocks, enhancing transparency and traceability of records.
4. Automated Smart Contracts: Blockchain networks often support code known as smart contracts. These contracts automatically execute when specific conditions are met.

Blockchain is a foundational technology, especially for cryptocurrencies like Bitcoin and Ethereum. However, its applications extend beyond finance to various sectors such as healthcare, logistics, energy, and more.