Blockchain
Blockchain is a decentralized digital ledger technology that records transactions across multiple computers in such a way that the registered transactions cannot be altered retroactively, ensuring security and transparency. Each block in the chain contains a list of transactions, a timestamp, and a cryptographic hash of the previous block, linking them together in a chronological order.
Examples:
- Bitcoin: The first and most well-known application of blockchain technology, where it serves as a public ledger for all transactions made with the Cryptocurrency.
- Ethereum: A platform that enables the creation of Smart Contracts and decentralized applications (dApps) using blockchain technology.
- Supply Chain Management: Companies like IBM use blockchain to enhance transparency and traceability in Supply Chains, allowing for real-time tracking of goods.
Use Cases:
- Financial Services: Blockchain is used for secure and efficient cross-border payments, reducing transaction times and costs.
- Healthcare: Patient records can be securely Shared between authorized parties while maintaining privacy and integrity.
- Voting Systems: Blockchain can provide a secure and transparent way to conduct elections, reducing the risk of fraud.