Blockchain
Definition
Blockchain is a decentralised digital ledger that records transactions across multiple computers in a secure and transparent way. Each record, known as a block, is linked to the previous one, forming a chain that is resistant to tampering or alteration. This structure ensures trust without the need for a central authority.
For example, blockchain technology is used in cryptocurrencies such as Bitcoin to record transactions transparently and prevent double spending.
Advanced
Blockchain operates through consensus mechanisms such as Proof of Work, Proof of Stake, or other protocols that validate and secure transactions. Once data is added to the chain, it becomes immutable, providing strong security and auditability.
Advanced applications extend beyond finance, including supply chain tracking, identity verification, digital contracts, and decentralised applications. Enterprises use private and consortium blockchains for controlled participation, while public blockchains remain fully open and decentralised. Integration with IoT, AI, and smart contracts enables automation of complex workflows.
Why it matters
Use cases
Metrics
Issues
Example
A food distributor implements blockchain to track produce from farm to store. Customers scan a QR code to verify origin, improving transparency and trust in the supply chain.