AI-Generated Summary

Blockchain technology is a decentralized, distributed ledger system that records transactions across multiple computers securely and transparently. Its key features include immutability, meaning once data is recorded, it cannot be altered, and consensus mechanisms, which ensure agreement among participants without a central authority. Initially popularized by cryptocurrencies like Bitcoin, blockchain now has applications in finance, supply chain management, healthcare, and more. Smart contracts, self-executing agreements coded on the blockchain, automate processes and reduce intermediaries. While offering enhanced security, efficiency, and trust, challenges such as scalability, energy consumption, and regulatory concerns remain. Blockchain continues to evolve, promising transformative impacts across industries.