Blockchain technology

Blockchain technology in cryptocurrency is a decentralized and distributed digital ledger system that records transactions across many computers. It ensures that data is secure, transparent, and immutable, meaning once information is recorded, it cannot be altered or deleted. In a blockchain, each transaction is grouped into a "block," and these blocks are linked together in a chronological chain, hence the term "blockchain." This process helps eliminate the need for a central authority, like a bank, to verify and authorize transactions. As a result, blockchain enables peer-to-peer exchanges of cryptocurrencies like Bitcoin and Ethereum without intermediaries. Many people use an online crypto trading system to buy, sell, and trade these digital currencies, benefiting from the security and transparency that blockchain offers.

This structure makes blockchain highly secure and transparent, as it is nearly impossible to change data without altering all subsequent blocks, which would require the consensus of the network participants. Blockchain doesn't rely on a central authority (like a bank or government); instead, it uses a decentralized network of nodes to validate and record transactions.

It’s most widely known for being the technology behind cryptocurrencies, but it can also be used in various other applications like supply chain management, voting systems, and digital identity verification.