Blockchain is a decentralized and distributed ledger technology that securely records transactions across multiple computers in a tamper-resistant manner. But what does that mean for you?
Here’s a simple explanation:
✅ Transparency & Security: Each transaction is stored in a block that’s linked to the previous one, forming a chain. This makes it nearly impossible to alter past transactions, ensuring data integrity and security.
✅ Eliminating Intermediaries: With Blockchain, transactions can occur directly between parties, cutting out the need for intermediaries like banks or payment processors. This enhances efficiency and reduces costs.
✅ Smart Contracts: Blockchain enables the execution of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. This automates processes and ensures trust between parties.
✅ Diverse Applications: Beyond cryptocurrencies like Bitcoin, Blockchain technology has vast applications across industries such as supply chain management, healthcare, finance, and more.
#blockchain #cryptocurrency #tamilshorts
source