What is blockchain technology?

Blockchain technology is a decentralized digital ledger that records transactions across multiple computers. It allows for the secure and transparent storage of data, making it virtually impossible to alter or tamper with.

How do blockchain transactions work?

In a blockchain network, transactions are grouped into blocks and added to a chain in a chronological order. Each transaction is verified by multiple computers (nodes) before it is added to the chain, ensuring the integrity and security of the data.

Why are blockchain transactions considered public?

Blockchain transactions are public because the data stored within the blockchain is accessible to anyone in the network. All participants can view the transaction history, making it transparent and open for auditing purposes.

What are the benefits of public transparency in blockchain transactions?

Public transparency in blockchain transactions enhances trust and accountability. It ensures that all parties involved have access to the same information, reducing the risk of fraud or manipulation. Additionally, transparency allows for easier verification and auditing of transactions.

Are there any privacy concerns with public blockchain transactions?

While blockchain transactions are transparent, they do not necessarily reveal the identities of the participants involved. Instead, transactions are pseudonymous, represented by unique cryptographic addresses. However, external information or analysis techniques may potentially reveal the identities of individuals involved in certain transactions.

Can public blockchain transactions be modified or deleted?

Blockchain transactions are designed to be immutable, meaning they cannot be modified or deleted once they are added to the chain. This ensures the integrity and permanence of the transaction history, making it a reliable source of information.