Digital Technology

Blockchain is a decentralized and distributed digital ledger technology that underlies cryptocurrencies like Bitcoin but has applications far beyond digital currencies. It's essentially a way of recording and verifying transactions across multiple computers in a way that ensures the integrity and security of the data. Here's how it works: Decentralization  Traditional databases are typically centralized, meaning they are controlled by a single entity (like a bank or a government). In contrast, a blockchain is decentralized, meaning it's maintained by a network of computers (nodes) that are spread across the globe. Each node has a copy of the entire blockchain. Blocks Transactions are grouped together into "blocks." These blocks contain a list of transactions, a timestamp, and a reference (hash) to the previous block, forming a chain of blocks, hence the term "blockchain." Consensus Mechanism  To ensure that all nodes in the network agree on the contents ...