Blockchain Technology: Changing Computerized Transactions and Then some

Blockchain technology functions as a decentralized and distributed ledger system that records transactions across multiple computers in a secure and transparent manner. Each transaction is grouped into a block, which is then cryptographically linked to the previous block, forming a chronological chain. This structure ensures that once data is added to the blockchain, it cannot be altered without consensus from the network participants, enhancing security and trust. Every participant in the network has access to the entire blockchain, promoting transparency. The use of consensus mechanisms, such as Proof of Work or Proof of Stake, ensures that all transactions are verified and agreed upon before being recorded.