Blockchain is a decentralized, distributed ledger technology that enables secure and transparent transactions and interactions between parties, without the need for intermediaries such as banks or other financial institutions. In essence, it is a database or ledger that is shared across a network of computers or nodes, where each node has a copy of the ledger.

The blockchain ledger records transactions in blocks that are linked together in a chain, hence the name "blockchain." Each block contains a unique digital signature, called a hash, that verifies the integrity of the data in the block. Once a block is added to the chain, it cannot be altered or deleted, which ensures the immutability of the ledger.

Blockchain technology uses complex cryptographic algorithms to secure transactions and prevent fraud, hacking, and other malicious activities. Transactions on a blockchain can be validated and approved by a network of participants, or "nodes," which can be anyone with access to the network. This makes the blockchain a decentralized and transparent technology that can be used for a wide range of applications, from financial services and supply chain management to digital identity and voting systems.

Blockchain technology is the foundation of many cryptocurrencies, such as Bitcoin and Ethereum, which use the blockchain to record transactions and manage their respective networks. However, blockchain technology can also be used for many other applications beyond cryptocurrencies, such as smart contracts, decentralized applications, and more.

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