Blockchain Technology

Blockchain Technology

Pratiksha Alhat1, Prof.Sameer Kakade2

1Dept of MCA-Trinity Academy of Engineering, Pune, India

2Assitant Professor, Trinity Academy of Engineering, Pune, India

Abstract

Blockchain technology, a decentralized digital ledger system, has revolutionized various industries through its transparent, secure, and immutable nature. It operates as a distributed database, where transactions are recorded in blocks, linked together in a chronological chain, and stored across a network of computers, ensuring data integrity and preventing tampering.

One of its key features is decentralization, eliminating the need for intermediaries and enabling peer-to-peer transactions, thus reducing costs and increasing efficiency. Additionally, its cryptographic security ensures that once a transaction is recorded, it cannot be altered or deleted, fostering trust among participants.

Blockchain technology finds applications across diverse sectors, including finance, supply chain management, healthcare, and voting systems. In finance, it facilitates faster and cheaper cross-border transactions, while in supply chains, it enhances traceability and authenticity, combating counterfeiting and improving product quality. Moreover, in healthcare, it ensures the integrity and privacy of patient data, while in voting systems, it enables secure and transparent elections.

Despite its transformative potential, challenges such as scalability, interoperability, and regulatory concerns persist. However, ongoing research and development efforts aim to address these issues, unlocking even greater opportunities for blockchain technology to reshape the global economy and society.