Blockchain

Blockchain is a revolutionary decentralized, distributed ledger technology (DLT) that fundamentally changes how information and transactions are recorded and shared. Imagine a continuously growing list of records, called “blocks,” that are securely linked together using cryptography, forming an unalterable “chain.”

Each block contains a batch of validated transactions, a timestamp, and a cryptographic hash of the previous block, creating an immutable and transparent historical record. Once a transaction is added to a block and confirmed by the network’s participants (nodes) through a consensus mechanism (like Proof of Work or Proof of Stake), it becomes virtually impossible to alter or remove, ensuring data integrity and security.

The power of blockchain lies in its decentralization. Instead of relying on a single central authority (like a bank or government), the ledger is replicated and distributed across a network of computers. This eliminates single points of failure, enhances transparency, and fosters trust among participants without the need for intermediaries.

While famously underpinning cryptocurrencies like Bitcoin and Ethereum, blockchain’s applications extend far beyond finance. It’s being explored for secure supply chain management, healthcare records, digital identity, voting systems, and even property ownership, offering the potential for increased efficiency, security, and transparency across numerous industries globally, including emerging tech hubs in India like Surat.