What is blockchain? 

Blockchain is a decentralized digital ledger that securely records transactions across multiple computers. It consists of linked blocks containing data, timestamped and cryptographically secured. Key features include:

1.Decentralization: No central authority; data is distributed across the network.

2.Transparency: All participants can view the transaction history.

3.Immutability: Once recorded, data cannot be easily altered, ensuring trust.

TYPE OF BLOCKCHAIN

1.Public Blockchain: Open to anyone, allowing users to join and participate. Examples include Bitcoin and Ethereum.

2. Private Blockchain: Restricted access, controlled by a single organization or entity. Used for internal processes in businesses.

3. Consortium Blockchain: Managed by a group of organizations, offering collaborative control while maintaining some level of privacy. Common in industries like finance.

LAYERS OF BLOCKCHAIN

Blockchain is structured in layers, each serving a specific purpose:

Layer 1 (L1):

The base layer of a blockchain.

Handles core functions like consensus, transaction processing, and network security.

Examples: Bitcoin, Ethereum.

Layer 2 (L2):

Built on top of L1 to improve scalability and reduce transaction costs.

Examples include Lightning Network for Bitcoin and zk-Rollups for Ethereum.

Application Layer:

User-facing interfaces and decentralized applications (dApps) operate here.

Includes smart contracts and platforms for developers.

Each layer enhances functionality and user experience in the blockchain ecosystem.