Blockchain is a distributed, unchangeable ledger that keeps track of transactions across many computers, or nodes. Because it operates on a network of computers, transparency, security and data immutability are ensured. Each transaction or “block” is added to a line of preceding transactions, forming a clear and unchangeable record. Here are the technology’s key features:

• Decentralization: Blockchain functions on a peer-to-peer network, doing away with the need for intermediaries, in contrast to conventional systems where a central authority controls data.

• Transparency: All participants in the blockchain network can view and verify transactions, creating a transparent ecosystem.

• Security: Blockchain’s cryptographic algorithms guarantee the confidentiality and integrity of data, making it highly resistant to fraud or tampering.

• Smart contracts: Blockchain often supports smart contracts with predetermined conditions that can be self-executed. These contracts automate processes, enforce transparency, and reduce reliance on intermediaries.