Definition: Blockchain is a distributed ledger technology that records transactions in a secure and transparent manner.

Detailed Description:

A blockchain is a chain of blocks, where each block contains a timestamp and a link to the previous block. This creates a secure and tamper-proof record of transactions. Blockchain technology is decentralized, meaning there is no single entity in control of the network.

Blockchain has gained significant attention for its potential applications in various industries, including:

• Finance: Cryptocurrency, digital payments, supply chain management
• Healthcare: Electronic health records, clinical trials
• Voting: Secure and transparent elections
• Intellectual property: Copyright protection
• Supply chain management: Track products from origin to consumer

Related Terms:

• Cryptocurrency
• Bitcoin
• Ethereum
• Distributed Ledger Technology (DLT)
• Consensus Mechanisms

FAQs:

1. How does blockchain ensure security?

   • Blockchain uses cryptographic techniques to secure transactions and prevent tampering.

2. What is the difference between public and private blockchains?

   • Public blockchains are accessible to anyone, while private blockchains are restricted to a specific group of participants.

3. What are the challenges of using blockchain technology?

   • Scalability, energy consumption, and regulatory challenges are some of the key challenges associated with blockchain.