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Blockchain
Fundamentals

What is Blockchain?

Blockchain is a distributed ledger technology that links transaction records in chronological order as blocks. Each block contains the cryptographic hash of the previous block, forming an immutable chain structure. Unlike traditional centralized databases controlled by a single institution, blockchain is maintained collectively by thousands of nodes worldwide, ensuring data transparency and making it extremely difficult for any single party to alter. This technology was first proposed by Satoshi Nakamoto in the 2008 Bitcoin whitepaper and has now become the foundational infrastructure for cryptocurrencies, supply chains, finance, and many other fields.

How Does Blockchain Work?

Blockchain operates through several key steps: First, a transaction is broadcast to the network. Then, miners or validators verify the transaction's validity using consensus mechanisms such as Proof of Work (PoW) or Proof of Stake (PoS). Once verified, the transaction is packaged into a new block and linked to the previous block through cryptographic algorithms. Every node maintains a complete copy of the blockchain, ensuring the network continues to function even if some nodes fail.

Core Advantages of Blockchain

Blockchain offers four core advantages: decentralization, security, transparency, and efficiency. Decentralization eliminates single points of failure, preventing any party from unilaterally controlling the network. Security is achieved through cryptographic algorithms and distributed storage, ensuring that even if some nodes are compromised, the overall data integrity remains intact.