What is a blockchain primarily used for?
A blockchain is primarily used for securing and recording transactions across a distributed network. It is a decentralized ledger technology that allows multiple parties to maintain a shared record of data without a central authority. Commonly associated with cryptocurrencies like Bitcoin, blockchains ensure transparency and immutability, making it challenging to alter past records. Beyond financial transactions, blockchain is increasingly employed in supply chain management, smart contracts, and identity verification, providing verified information and enhancing trust among involved parties. The technology's decentralized nature significantly mitigates risks of fraud and data manipulation.