1. Distributed Ledger Technology:
   • All participants in the network have access to the distributed ledger and its immutable record of transactions. This shared ledger eliminates the duplication of effort typical in traditional business networks.
2. Immutable Records:
   • Once a transaction is recorded, no participant can alter it. If an error is found, a new transaction must be added to correct it, and both transactions are visible.
3. Smart Contracts:
   • These are self-executing contracts with the terms of the agreement directly written into code. They automatically enforce and execute the terms of the contract when predefined conditions are met.

How Blockchain Works

1. Transaction Recording:
   • Each transaction is recorded as a “block” of data. These blocks can record various information, such as who, what, when, where, and how much^.
2. Linking Blocks:
   • Each block is connected to the ones before and after it, forming a chain of data. This chain confirms the exact time and sequence of transactions.
3. Tamper-Evident Chain:
   • The blocks are linked securely to prevent any block from being altered or inserted between two existing blocks. This makes the blockchain tamper-evident and ensures the integrity of the data.

Applications of Blockchain

• Cryptocurrencies: Blockchain is best known for its role in cryptocurrencies like Bitcoin, where it maintains a secure and decentralized record of transactions.
• Supply Chain Management: It can track the movement of goods, ensuring transparency and reducing fraud.
• Healthcare: Blockchain can securely store patient records, ensuring privacy and accuracy.
• Finance: It can streamline processes like cross-border payments and reduce the need for intermediaries.