Demystifying Blockchain: A Simple Guide
In recent years, blockchain has become a buzzword in the tech world, but for many, it remains a complex and abstract concept. Whether it’s cryptocurrencies like Bitcoin or decentralized finance (DeFi), blockchain is the backbone of many emerging technologies. But what exactly is blockchain? In this blog, we’ll break down the fundamentals of blockchain technology, explore how it works, and uncover its potential applications beyond cryptocurrencies. What is Blockchain? At its core, blockchain is a distributed ledger technology that allows information to be stored across a network of computers in a secure, transparent, and immutable way. Think of it as a digital ledger that records transactions, much like a traditional bookkeeping system, but with some key differences: it is decentralized (no central authority), and the records (or "blocks") are linked in a chain, forming a blockchain. Each block contains data, a timestamp, and a link to the previous block, creating a chain of...