At its core, a blockchain is a chain of blocks, each containing a batch of transactions. These blocks are linked together cryptographically, with each block containing a hash of the previous block, creating a secure and tamper-proof record. This chain structure, combined with distributed consensus mechanisms, makes it exceptionally difficult to alter or delete any information once it's been recorded on the blockchain. Several different types of blockchains exist, including public, private, and consortium blockchains. Public blockchains, like Bitcoin and Ethereum, are permissionless and open to anyone. Private blockchains are permissioned and controlled by a single organization. Consortium blockchains are also permissioned but governed by a group of organizations. The choice of blockchain type depends on the specific application and the desired level of control and transparency.

While blockchain technology is best known for its role in cryptocurrencies, its potential applications extend far beyond digital currencies. Supply chain management can benefit from blockchain's ability to track goods and verify their authenticity, improving efficiency and reducing fraud. In healthcare, blockchain can be used to securely store and share patient medical records, enhancing privacy and data interoperability. Other potential applications include voting systems, digital identity management, and intellectual property protection. The technology's ability to provide a transparent, secure, and auditable record of transactions makes it a valuable tool for various industries seeking to improve efficiency and reduce risk. The rise of Non-Fungible Tokens (NFTs) also highlights blockchain's utility in representing digital assets and ownership.