What Is Blockchain Technology? A Comprehensive Beginner’s Guide
1 min read
Summary
This article provides an overview of blockchain technology, describing its history, how it works, its key features and various types, along with real-world applications.
Blockchain is a distributed ledger technology that securely records transactions across multiple computers, making it transparent and reducing fraud.
Blockchain’s origins date back to 2008 with Bitcoin, though it has expanded beyond cryptocurrencies into various industries like finance and supply chain management.
Core features of blockchain include decentralisation, transparency and immutability, which together build trust, enhance security and improve data integrity.
While public blockchains like Bitcoin and Ethereum offer open access, private and consortium blockchains provide controlled environments for businesses.
Blockchain transforms various sectors, enabling secure digital transactions in cryptocurrencies and enhancing traceability and efficiency in supply chain management.
This article aims to simplify the complex concepts related to blockchain and emphasise its potential to revolutionize modern transactions and beyond.