In recent years, the world has witnessed the rise of Web3, a decentralized internet structure that aims to give users greater control over their data, finances, and digital identities.
At the core of Web3’s revolution lies blockchain technology.
But what exactly makes blockchain such a powerful tool in creating this new digital landscape, and why is it being hailed as the backbone of Web3?
What is Blockchain Technology?
Blockchain is a distributed ledger technology that allows data to be stored across a network of computers in a way that ensures transparency, security, and immutability.
Unlike traditional centralized databases, where a single entity controls access to the information, a blockchain distributes the data across multiple nodes (computers) in the network.
Each block of data is linked to the previous one, creating an unalterable chain of blocks.
This makes it nearly impossible for any single party to manipulate the data without the consensus of the majority of the network.