Transactions across multiple computers in such a way that the registered transactions cannot be altered retroactively. Unlike traditional databases managed by central authorities, blockchain operates on a peer-to-peer network, ensuring transparency, security, and trust.

A blockchain consists of a series of blocks, each containing transaction data, a timestamp, and a cryptographic hash of the previous block. This chaining of blocks ensures that no previous transaction can be altered without changing all subsequent blocks, making blockchain immutable.

Key Characteristics of Blockchain:

• Decentralization: No central authority controls the network.

• Immutability: Once recorded, data cannot be changed.

• Transparency: Transactions are visible to all participants.

• Security: Cryptographic mechanisms ensure trust.