Blockchain is a digital ledger of transactions that is copied and spread over the whole network, or to put it another way, "BlockChain offers a means/system of storing information that cannot be hacked or modified."
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BlockChain is NOT BitCoin
Some use cases of Blockchain
Blockchain technology can is being used in multiple areas, Some of the common use cases are
BlockChain Use cases
DeFi
The shift from old, centralised financial institutions to peer-to-peer financing facilitated by decentralised technology based on Ethereum is known as decentralized finance or DeFi. Millions of people are helping to construct and participate in this new economic system, which is redefining financial access, opportunity, and trust.
Digital Identity
Enterprises, users, and IoT management systems all benefit from a blockchain-based digital identity system because it provides a uniform, interoperable, and tamper-proof architecture. The solution guards against identity theft and gives users more control over their data.
Supply Chain
Global supply networks are now inefficient, poorly monitored, and frequently exploitative. From sourcing to consumption, blockchain can help with precise asset tracking, increased licensing of services, products, and software, and transparency into the origin of consumer goods.
Issues with Blockchain
Blockchain is an innovative, decentralized, and growing field, but with this immense increase, some issues are also involved.
Security
Speed, and
Scalability
BlockChain
Scalability of Blockchain
Blockchain is increasing and flourishing in almost every walk of life from Finance, Real-Estate, NFTs to gaming and IoT. Network size is expanding
Scalability can be with respect to speed (Throughput), Network or Cost.
What really Scalability controls
Adding more specific protocols for handling transitions
Division of Network
Divide transactions in chunks.
Scalability Solutions
Protocol
Proof of stake protocols is a type of blockchain consensus method that selects validators based on their bitcoin holdings. This is done to circumvent proof-of-work techniques' high computational costs.
Division of Network
With the division of networks into small groups for better and fast processing. Each group shares a separate Blockchain, so more and more blocks can be produced.
The network then processes the shards in parallel, allowing for sequential processing of numerous transactions. The information might be distributed across several nodes via sharding while maintaining information consistency. By employing cross-shard communication protocols, shards serve as evidence for the main chain while also assuring interaction with each other for exchanging addresses, general state, and balances.
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