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What is Blockchain technology and how does it work?
in Programming by Newbie (280 points)

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Blockchain technology is a decentralized system that records transactions across a network of computers. Each transaction is grouped into a "block" and linked together in chronological order to form a "chain." This chain of blocks is maintained and updated by a network of participants, eliminating the need for a central authority. Blockchain ensures transparency, security, and immutability of data by using cryptographic techniques and consensus mechanisms. It has applications beyond cryptocurrency, such as supply chain management, voting systems, and identity verification, promising to revolutionize various industries with its decentralized and tamper-resistant nature.

Blockchain technology is a decentralized system that enables the secure recording and verification of transactions across a network of computers. Unlike traditional centralized systems where data is stored and controlled by a single authority, blockchain operates on a distributed ledger, where each participant in the network holds a copy of the entire blockchain. Transactions are grouped into blocks, which are then cryptographically linked together in chronological order, forming a chain. This chain of blocks ensures the integrity and immutability of the data, as altering any block would require changing all subsequent blocks, which is practically impossible due to the cryptographic hash functions used. Blockchain technology utilizes consensus mechanisms such as Proof of Work (PoW) or Proof of Stake (PoS) to validate and confirm transactions, ensuring that only valid transactions are added to the blockchain. The decentralized and transparent nature of blockchain makes it resistant to censorship and fraud, offering potential applications beyond cryptocurrencies, including supply chain management, voting systems, digital identity verification, and more.
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