**What is Blockchain?**

Blockchain is a decentralized digital ledger used to record transactions across many computers so that the record cannot be altered retroactively without changing all subsequent blocks and the consensus of the network. This technology underpins cryptocurrencies like Bitcoin but has broader applications.

**How Does Blockchain Work?**

1. **Transaction Initiation**: A transaction is initiated and broadcast to a network of computers (nodes).

2. **Verification**: Nodes in the network validate the transaction according to predefined rules.

3. **Block Creation**: Once verified, the transaction is grouped with others into a block.

4. **Consensus**: The network reaches a consensus to add the block to the blockchain. This often involves solving a complex mathematical problem.

5. **Block Addition**: The new block is added to the existing chain of blocks, and the updated ledger is distributed to all nodes.

**Key Features of Blockchain**

- **Decentralization**: No single entity controls the blockchain; it's maintained by a network of nodes.

- **Immutability**: Once a transaction is recorded, it cannot be changed without altering all subsequent blocks.

- **Transparency**: All transactions are visible to all participants in the network, enhancing trust.

**Applications Beyond Cryptocurrency**

- **Supply Chain Management**: Tracks products from origin to consumer, improving transparency and efficiency.

- **Healthcare**: Securely stores and shares patient records.

- **Voting Systems**: Ensures the integrity of election results.

Blockchain is a versatile technology with the potential to revolutionize various industries by offering a secure, transparent, and decentralized way to record and verify transactions.