5. BLOCKCHAIN

Blockchain is a secure and decentralized technology for storing digital data that uses encryption to link records together. Various industries are now adopting blockchain, with cryptocurrencies like Bitcoin being one of the prominent applications. The blockchain system functions as a digital ledger consisting of multiple servers. This technology allows for easier and faster transactions, eliminating the need for intermediaries. It consists of two key components : Block and Chains. All data on the computer is divided into blocks and linked using chains.

Technically, blockchain is a sequence of blocks containing digital information, each with a hash component. Hash is a unique set of characters consisting of several pieces of data in a block. All data and programs on the blockchain network are replicated throughout the network, with connected computers executing programs collaboratively. Essentially, blockchain is a big computer built on communication between multiple computers.