INTRODUCTION:
Blockchain is a decentralized digital ledger that records transactions across many
computers so thst the record cannot be altered retroactively. its, the core tecnology behind Cryptocurrencies Like Bitcoin and Ethereum, but it has many other uses beyond digital money
KEY CONCEPTS:
. Decentralization:
Unlike traditional databasese stored in one place (Centralized), blockchain distributes
data across a network of computers (nodes).
. IMMUTABILITY:
Once data is added to the blockchain, it cannot be changed without altering
all subsequent blocks and gaining the approval of the network.
TRANSPARANCY:
Every transaction on a pulic blockchain is visible to all participants and can be verified
independently.
. CONSENSUS MECHANISIMS:
Blockchain uses protocols like proof of work (PoW) or proof of stake (PoS) to agree
on the validity of trasactions:
. HOW IT WORKS :
1. A user requests a transaction .
2. The transaction is broadcast to a network of nodes.
3. The networ validates the transaction using a consensus algorithim
4. Once verified, the transaction is added to a block.
5. The block is added to the blockchain, making it permanent and visible.
USES OF BLOCKCHAIN:
. Cryptocurrency (e.g, Bitcoin, Ethereum)
. Smart contracts(self-execuiting contracts whith code)
. Supply Chain Tracking
. Voting Systems
. Medical Records
. Digital Idintity Verification
BENEFITS:
.High Security
. No Central authority
. Reduced fraud
. Faster and Cheaper cross-border payments
CHALLENGES:
. High energy consumption (Specially pow)
. Regulatory issues
. Scalability
. Data privacy concerns
FUTURE OF BLOCKCHAIN:
Blockchain is expected to transform industries like finance, healthcare real estate, and governance
by creating trust withoute intermediaries. the a doption of Web3 and decentralized applications (dApps) is repidly growing.
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