Blockchain is a decentralized and distributed digital ledger technology that records transactions across multiple computers. It ensures security, transparency, and integrity through cryptographic techniques. Each transaction is stored in a block, and these blocks are linked together, forming a continuous chain. Once recorded, data on the blockchain is difficult to alter, making it highly secure and tamper-proof.

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Blockchain can be used across various industries, including; secure payments, transparent tracking of goods, tamper-proof and verifiable electronic voting, protection of digital assets and copyrights​. It is also the foundation of cryptocurrencies like Bitcoin and Ethereum, enabling secure and decentralized transactions. Additionally, it powers Decentralized Finance (DeFi), allowing users to trade, lend, and earn interest without intermediaries, reshaping the traditional financial landscape.

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While blockchain is highly secure, it is not immune to attacks such as 51% attacks, Sybil attacks, and double-spending, which can compromise network integrity if not properly mitigated.

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Key Features of Blockchain Technology

• Decentralization: No single entity controls the network; it operates through a distributed system.

• Immutability: Data recorded on the blockchain cannot be easily changed or deleted.

• Transparency: All transactions are visible to authorized users, ensuring trust and accountability.

• Security: Uses cryptographic algorithms to protect data from unauthorized changes.

• Consensus: Blockchain networks rely on consensus mechanisms to validate transactions and maintain integrity. Different types of consensus mechanisms exist, including Proof of Work (PoW) and Proof of Stake (PoS), among others. These mechanisms ensure agreement among participants but also have their own advantages and drawbacks.

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