Blockchains serve as the foundational backbone for cryptocurrencies, acting as decentralized, secure ledgers. These digital records, updated sequentially through cryptographic methods, are shared among a network of peers adhering to predefined rules enforced by the software itself. This communal ledger ownership extends globally, accessible to anyone.

While the concept of shared ledgers dates back decades, it was the emergence of Bitcoin's blockchain that revolutionized the landscape, introducing a thoroughly decentralized system resistant to censorship and manipulation.

Blockchain technology, exemplified by platforms like Ethereum, facilitates a global consensus mechanism, enabling coordination and collaboration without reliance on trust in individuals or central authorities. Its applications span diverse sectors, from finance and energy trading to optimizing supply chain logistics.