Blockchain technology is a decentralized, distributed ledger that records transactions across many computers, ensuring that the record cannot be altered retroactively. Here’s how it works:

1. Decentralization: Unlike traditional databases, a blockchain is maintained by a network of nodes (computers) without a central authority.
2. Immutability: Once data is recorded in a block and added to the blockchain, it cannot be changed. Each block is linked to the previous one, creating a chain of blocks.
3. Transparency: Transactions are transparent and can be verified by any participant in the network.
4. Consensus Mechanisms: Nodes agree on the validity of transactions using consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS).

Potential Applications Beyond Cryptocurrency:

1. Supply Chain Management: Blockchain can track products from origin to consumer, ensuring transparency and reducing fraud.
2. Healthcare: Securely sharing patient records across providers while maintaining privacy and compliance with regulations.
3. Voting Systems: Ensuring transparent and tamper-proof voting processes.
4. Real Estate: Simplifying property transactions and maintaining transparent, tamper-proof land records.
5. Smart Contracts: Self-executing contracts with the terms of the agreement directly written into code, reducing the need for intermediaries.
6. Intellectual Property: Protecting and managing intellectual property rights with transparent records of ownership and usage.