Blockchain is a distributed database that records transactions in a way that makes it difficult or impossible to change, hack, or cheat the system. It has various uses including cryptocurrencies like Bitcoin, decentralized marketplaces, digital file storage, video game monetization, and smart contracts. Advantages include immutability, transparency, censorship resistance, and traceability. Disadvantages include slower speed, difficulty modifying recorded data, and high implementation costs. Applications of blockchain include money transfers, insurance, secure personal information, voting, supply chain management, secure IoT networks, and data storage.