Blockchain is a distributed public ledger of transactions that allows people to transfer assets without needing trusted intermediaries. It works by having copies of transaction records distributed across many computers, so that no single authority controls the ledger. Transactions are grouped into blocks that reference previous blocks, making it difficult to alter transaction records. Blockchain technology enables new applications for asset tracking, smart contracts, and other uses where transparency and trust are important. However, it also faces challenges related to scalability and identifying suitable problems where it provides meaningful benefits over existing solutions.