Blockchain is a technology used to create and maintain a distributed database. It is based on the concept of a chain of blocks that store records of transactions and data. Blockchain provides transparency, security, and reliability as the information is stored on multiple computers rather than in a centralized location.
The main purpose of blockchain is to ensure the security and integrity of transactions. It is used for conducting cryptocurrency operations, such as sending and receiving coins, as well as for recording and storing data that needs to be trustworthy and immutable. Blockchain can also be applied to supply chain management, voting systems, asset tracking, and other areas where transparency and security are required.
Blockchain technology has several advantages, including the absence of central control, resistance to censorship, enhanced privacy, and the ability to conduct direct peer-to-peer transactions without intermediaries.