How does blockchain technology work?
Blockchain technology is a decentralized, digital ledger that records transactions and stores data. Transactions are verified by a network of computers, or nodes, rather than by a central authority. Each block in the chain contains a unique digital signature, or hash, that links it to the previous block, creating an unbreakable chain. Once a block is added to the chain, it cannot be altered without changing all subsequent blocks, making the system highly secure and resistant to fraud. Blockchain technology is best known for its use in cryptocurrencies, such as Bitcoin, but it has applications beyond financial transactions, such as supply chain management, voting systems, and digital identity management.
This mind map was published on 17 April 2023 and has been viewed 62 times.
