What is blockchain technology?

Blockchain technology is a revolutionary digital system that maintains a secure, transparent, and tamper-proof ledger of transactions across a network of computers. Each transaction, or block, is linked to the previous one, forming a chain, hence the name “blockchain.” This decentralized structure eliminates the need for a central authority, reducing the risk of fraud and enhancing trust among participants. Because all transactions are publicly verifiable and encrypted, blockchain ensures data integrity and security.

How can it be used beyond cryptocurrencies?

1. Supply Chain Management: Improves transparency and traceability of goods as they move through the supply chain.
2. Healthcare: Secures patient records and streamlines data sharing between healthcare providers.
3. Voting Systems: Enhances security and transparency in voting processes, reducing the risk of fraud.
4. Smart Contracts: Automates contract execution when predefined conditions are met, reducing the need for intermediaries.
5. Intellectual Property: Protects and manages intellectual property rights by recording ownership and licensing on the blockchain.