Welcome to our video on the fundamentals of blockchain technology! In this video, we will provide a clear and concise explanation of what blockchain is, how it works, and the potential applications of this revolutionary technology.
So, what exactly is blockchain?
At its core, a blockchain is a decentralized ledger of transactions that is recorded on many computers. These transactions can represent any kind of value – financial transactions, supply chain movements, voting records, medical records, and more.
One of the key features of a blockchain is that it is immutable, meaning that once information is recorded on the blockchain, it cannot be changed. This is made possible through the use of cryptographic techniques and decentralized consensus mechanisms, which enable transactions to be secure and verifiable.
But how does blockchain work?
The decentralized ledger of a blockchain is a digital record of all the transactions that have ever been recorded on the blockchain, and it is stored on all the nodes in the network. When a new transaction is made, it is broadcast to all the nodes in the network. The nodes then use cryptographic techniques and consensus algorithms to verify the transaction and, if it is verified, it is added to a block.
The process of verifying and adding transactions to the blockchain is known as mining or validating transactions. Nodes that participate in this process are rewarded with a cryptocurrency that is associated with the blockchain.
So, what are the potential applications of blockchain technology?
