What is the concept of blockchain? Detailed interpretation of blockchain

Blockchain is an immutable distributed ledger technology used to record transactions and other data. The principles include: A blockchain consists of immutable "blocks" containing transaction records, hash functions and timestamps. All transaction records are shared across network computers, and any changes will corrupt the hash function of subsequent blocks. Characteristics include distributed, immutable, transparent and secure. Uses include cryptocurrency, supply chain management, voting systems, digital identity management and medical records management.

Blockchain concept

Definition:

Blockchain is a distributed, non-tamperable ledger technology used to record transactions and other data.

Principle:

The blockchain consists of a series of immutable "blocks", each block contains:

• Transaction record: Information about a specific transaction
• Hash function: Encrypts the data of the previous block and links it to the current block
• Timestamp: Record the time when the block was created

All transaction records on the blockchain are shared among all computers participating in the network . If a transaction is added to the blockchain, it cannot be changed or deleted because any change will destroy the hash function of all subsequent blocks.

Features:

• Distributed: Data is stored on multiple computers instead of centralized storage.
• Immutable: Once a transaction is added to the blockchain, it cannot be changed as this would require the recalculation of all subsequent blocks.
• Transparency: All transaction records are public and can be viewed by anyone.
• Security: Encryption and distributed storage make blockchain highly resistant to hackers and data leaks.

Uses:

Blockchain technology can be used in a wide range of applications including:

• Cryptocurrencies (like Bitcoin)
• Supply chain management
• Voting systems
• Digital identity management
• Medical records management

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