What is blockchain technology?

Blockchain technology is a digital ledger system that allows for secure and transparent tracking of transactions. It consists of blocks containing information that are linked together in a chain using cryptography, making it nearly impossible to alter or manipulate data. This technology is decentralized, meaning that there is no central authority or intermediary needed for transactions to occur, reducing the risk of corruption and fraud. Blockchain is best known for its use in cryptocurrencies like Bitcoin, but it has many other potential applications such as supply chain management, voting systems, and financial transactions.

This mind map was published on 15 May 2023 and has been viewed 115 times.