Blockchain is a decentralised, distribution ledger that records transactions across multiple nodes in a secure and transparent manner.It eliminates the need for intermediaries by enabling peer to peer transaction that are tamper resistant and verifiable.
The key characteristics of Blockchain are decentralisation, immutability, Transparency and security.Blockchain provides a trust less,secure and transparent way to manage data ,making it ideal for industries like finance, health care and supply chain management.
Blockchain works in different ways that is blocks, transaction and chains.Blocks are linked together in a chain using cryptographic hashes creating a tamper proof record of all transactions.
Blockchain contains consensus mechanisms that ensure all transactions on the Blockchain are verified and agreed upon by the network.Common types includes proof of work,proof of stake and other mechanisms.In Blockchain we have Nodes and miners .Nodes are computer that store a copy of the Blockchain and validate transactions while miners validators are responsible for verification of transaction and adding new block to the chain.
In Blockchain we have challenges and limitations some of them are scalability issues which we solve by sharding which is splitting the Blockchain into smaller parts to handle more transactions in the parallel.The next challenge we have energy consumption PoWwhich we solve by Green Blockchain using energy efficient mechanisms e.g Tezos.We also have Regulatory and legal concerns which we solve by decentralised identity DIDEnsuring compliance while maintaining user privacy.
Through all this that we have discussed it's easier for the beginner to understand and start learning step by step and acquire the Blockchain knowledge.
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