Blockchain, also known as distributed ledger technology (DLT), uses a decentralised network and cryptographic hashing to make any digital asset's history transparent and unchangeable.
A Google Docs document may be used as a basic illustration to explain how blockchain technology functions. The Google Doc is disseminated rather than copied or transferred when you create one and share it with others. By doing this, a decentralised distribution chain is created, enabling simultaneous access to the base document for all users. All changes to the document are logged in real-time, ensuring total transparency, and no one is locked out awaiting revisions from another party.
Blockchain is a particularly groundbreaking and promising technology because it provides scalable security, fraud prevention, and transparency.
Blockchain technology, made popular by its connections to cryptocurrencies and NFTs, has developed into a management tool for a wide range of international enterprises. Blockchain technology is now revolutionising gaming, safeguarding healthcare data, bringing transparency to the food supply chain, and generally altering the way we manage ownership and data on a big scale.