What is blockchain technology and how does it work?

Blockchain technology is a decentralized digital ledger that records transactions across multiple computers, ensuring that no single entity controls the data. Each block in the chain contains a set of transactions that are securely encrypted and linked to the previous block, forming a chain of data. Once a transaction is recorded, it cannot be altered or erased, ensuring transparency and security. Blockchain is the underlying technology behind cryptocurrencies like Bitcoin, enabling peer-to-peer transactions without the need for intermediaries such as banks. It is also used in various industries, such as supply chain management, voting systems, and digital identity verification.