AI-Generated Summary

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Blockchain technology is a decentralized, distributed ledger system that records transactions across multiple computers securely and transparently. It eliminates the need for intermediaries, reducing costs and enhancing efficiency. Each transaction is grouped into a block, cryptographically linked to the previous one, forming an immutable chain. Blockchain underpins cryptocurrencies like Bitcoin but extends to industries such as finance, supply chain, healthcare, and voting systems. Its key features include transparency, security, and traceability. Challenges include scalability, energy consumption, and regulatory concerns. Despite these, blockchain’s potential to revolutionize data management and trust in digital interactions makes it a transformative innovation for the future.