BLOCK CHAIN

Decentralization: Blockchain is a decentralized technology spread across many computers that manages and records transactions. There's no central authority, which makes it resistant to manipulation.

Transparency and Immutability: Transactions are transparent, meaning they can be seen by anyone with access to the blockchain. Once data is recorded on a blockchain, it's extremely difficult to change or delete.

Security: Blockchain uses cryptographic techniques to secure transactions. Each block is linked to the previous one, forming a chain, hence the name blockchain. This makes it very secure.

Smart Contracts: Blockchain allows the creation of smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. They automatically execute and enforce when predefined conditions are met.

Use Cases: While originally developed for Bitcoin, blockchain technology has many potential applications beyond cryptocurrency, including supply chain management, healthcare, voting systems, and more.

Consensus Mechanisms: Blockchains use various consensus mechanisms like Proof of Work (PoW), Proof of Stake (PoS), and others to agree on the state of the blockchain and validate transactions without a central authority.

Cryptocurrencies: Cryptocurrencies like Bitcoin and Ethereum are the most well-known applications of blockchain technology, using it to facilitate secure financial transactions without the need for intermediaries like banks.

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