Blockchain technology is a decentralized, distributed ledger system that records transactions across a network of computers. It enables secure and transparent peer-to-peer transactions without the need for intermediaries like banks. Each transaction is recorded as a block of data that is linked to previous blocks, forming a chain of blocks - hence the name "blockchain." This technology is most commonly associated with cryptocurrencies like Bitcoin, but its applications extend to various industries beyond finance, including supply chain management, healthcare, and voting systems.
