Blockchain operates on a decentralized network of computers, known as nodes, where each node has a copy of the entire blockchain. This eliminates the need for a central authority, distributing control and decision-making across the network.
Once data is recorded on the blockchain, it cannot be altered or deleted. Each block contains a cryptographic hash of the previous block, creating a secure and tamper-proof chain of data.
Blockchain provides transparent access to transactional data for all participants in the network. Every transaction is recorded on a public ledger, allowing for greater visibility and accountability.
Blockchain relies on consensus mechanisms, such as Proof of Work (PoW) or Proof of Stake (PoS), to validate and confirm transactions. These mechanisms ensure that all participants agree on the validity of transactions without the need for a central authority.
Smart contracts are self-executing contracts with predefined rules and conditions encoded into the blockchain. These contracts automatically execute when the specified conditions are met, eliminating the need for intermediaries and reducing the risk of fraud or manipulation.
Scalability remains a challenge for blockchain networks, but various solutions, such as shading and layer 2 protocols, are being developed to improve the scalability of blockchain networks, allowing them to handle a larger number of transactions per second.
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