Blockchain Basics: A Non-Technical Introduction in 25 Steps

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Blockchain is a distributed ledger technology that creates a chain of blocks storing transactions securely and transparently. Each block contains a number of transactions, a timestamp, and a link to the previous block, forming an immutable and decentralized chain. Blockchain enables digital transactions to be recorded securely without the need for intermediaries, such as financial institutions. This makes transactions faster, more efficient, and more secure. Additionally, the decentralization of blockchain means there is no single point of failure, making the network more robust and resistant to attacks. There are different types of blockchains, such as public, private, and consortium, each with its own characteristics and applications. Blockchain has been widely adopted in various fields, including finance, supply chain management, and electronic voting, due to its security and transparency. It's important to note that blockchain is not limited to cryptocurrencies like Bitcoin but is a technology that promises to revolutionize various sectors of society. Description by ChatGPT.