Blockchain is a decentralized digital ledger that records transactions in a secure, transparent, and tamper-proof way. It is the underlying technology behind digital coins such as Bitcoin, Ethereum, Matic, but its applications go far beyond just digital coins and tokens (e.g., AF3.world).
In a blockchain, transactions are grouped into blocks, which are then cryptographically linked and secured to form a chain. Each block in the chain contains a record of multiple transactions, and once a block is added to the chain, the information it contains is permanent and cannot be altered or deleted.
Because of this decentralized and secure nature, blockchains are often used to track and verify the ownership of assets (e.g., The Sankofa Legacy digital assets) and to manage and transfer value. For example, in the case of digital exchange of coins, blockchain technology is used to verify and secure transactions, to track the ownership of coins, and to prevent counterfeiting.
Blockchain technology also has the potential to transform many other industries, including healthcare, entertainment, education, supply chain management, voting systems, real estate, and more. By providing a secure, transparent, and tamper-proof way to track and verify transactions, blockchains have the potential to improve efficiency, reduce costs, and increase trust in a wide range of applications.