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Blockchain technology- How its work?

Blockchain allows data to be encrypted and store transactions codedly. It is the network that Bitcoin was built on when it started in 2009. The network has now become the most sought for network as most companies have been adopting it.
 
Blockchain technology is a distributed digital ledger that records transactions across multiple computers. It is a decentralized system that ensures that records are secure and immutable, meaning that once a transaction is recorded, it cannot be altered or deleted. The technology works by a network of computers connected through a peer-to-peer network. Each computer holds a copy of the blockchain which is constantly updated with new transactions. Blocks of data are created and added to the chain, forming a chain of blocks. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The blockchain is secured through a consensus algorithm, which requires multiple computers to agree on the validity of a transaction before it is added to the chain. This ensures that the data is secure and tamper-proof. Blockchain technology is used in many applications, such as cryptocurrency, smart contracts, financial transactions, supply chain management, and data storage. It is also being used to create new applications that are revolutionizing the way we do business.
 

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