Definition of Blockchain Technology

Blockchain is a decentralized, distributed digital ledger technology that records transactions across multiple computers in a secure, transparent, and tamper-resistant manner. Each transaction is stored in a block, and these blocks are linked together in chronological order, forming a chain—hence the name blockchain. The technology eliminates the need for intermediaries, enhancing security, transparency, and efficiency.

Examples of Blockchain Technology

1. Bitcoin (BTC) - Cryptocurrency

- Purpose: A decentralized digital currency used for peer-to-peer transactions.

- How it Works: Transactions are verified by a network of nodes and recorded on the Bitcoin blockchain, preventing double-spending and ensuring security.

2. Ethereum (ETH) - Smart Contracts

- Purpose: A blockchain that allows developers to create decentralized applications (DApps) using smart contracts.

- How it Works: Smart contracts automatically execute agreements without intermediaries, enabling use cases such as decentralized finance (DeFi), NFTs, and more.

3. Supply Chain Management - IBM Food Trust

- Purpose: Enhances transparency and traceability in food supply chains.

- How it Works: Companies like Walmart use IBM Food Trust to track food products from farm to store, reducing fraud and ensuring food safety.

4. Cross-Border Payments - Ripple (XRP)

- Purpose: Provides fast, low-cost international money transfers.

- How it Works: Ripple’s blockchain-based payment protocol enables banks and financial institutions to process transactions in seconds rather than days.

5. Healthcare - MedRec

- Purpose: Securely stores and shares patient medical records.

- How it Works: Blockchain ensures that only authorized personnel can access medical data, improving privacy and interoperability between healthcare providers.

6. Voting Systems - Voatz

- Purpose: Enables secure and transparent online voting.

- How it Works: Uses blockchain to verify voter identities and store votes immutably, reducing fraud risks in elections.