How does blockchain technology work?
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Blockchain technology is a decentralized digital ledger used to record transactions across many computers so that the record cannot be altered retroactively. Each block in the chain contains a list of transactions and a reference to the previous block, forming a chain. This makes blockchain secure and tamper-proof. The decentralized nature means that all participants in the network have access to the same data, and consensus mechanisms (like Proof of Work or Proof of Stake) are used to agree on the validity of transactions.