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welcome to the video blockchain technology is a decentralized digital Ledger that records transactions in a secure and transparent manner it is essentially a database that is spread across a network of computers and each block in the chain contains a unique cryptographic hash of the previous block creating an unalterable record of all transactions the decentralized nature of the blockchain means that no single entity controls the data making it resistant to tampering hacking or other types of fraud once data is recorded on the blockchain it becomes a permanent part of the network and it cannot be deleted or modified blockchains are commonly used for cryptocurrencies such as Bitcoin and ethereum but they have many other potential applications such as Supply Chain management voting systems and identity verification the ability to create secure transparent and tamper-proof records has the potential to revolutionize many Industries and create new business models a smart contract is a self-