How Blockchain Technology Works

Explanation of Blockchain Structure and Function:

A blockchain is a chain of blocks, where each block contains a list of transactions. These blocks are linked using cryptographic hashes, ensuring the integrity and security of the data.

Types of Blockchains:

• Public Blockchains: Open to anyone to participate and validate transactions (e.g., Bitcoin, Ethereum).
• Private Blockchains: Restricted access, usually used within organizations for specific purposes.
• Consortium Blockchains: Semi-decentralized, controlled by a group of organizations.

Real-World Applications:

Blockchain technology has applications beyond cryptocurrencies, including supply chain management, healthcare, finance, and voting systems. It provides transparency, reduces fraud, and enhances efficiency.