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Blockchain is a decentralized and distributed digital ledger that records transactions across multiple computers in a secure and transparent manner. It stores data in blocks, which are linked together in chronological order, forming a chain. The technology ensures data integrity, as each block is cryptographically secured and nearly impossible to alter without the consensus of the entire network.

Blockchain operates by grouping transactions into blocks, which are then validated and added to a chain of existing blocks. Each block contains a list of transactions, a timestamp, and a cryptographic hash of the previous block, ensuring the integrity of the chain. Once data is recorded in a block, it becomes immutable, as altering it would require changing all subsequent blocks and obtaining network consensus, making blockchain highly secure.

Blockchain technology offers numerous benefits, including decentralization, which removes the need for intermediaries and reduces costs. It enhances transparency, as all participants in the network can view and verify transactions. Security is another advantage, with data encryption and immutability protecting against unauthorized changes. Additionally, blockchain increases efficiency by automating processes and providing faster transaction processing compared to traditional systems.

Blockchain is the foundational technology that supports various applications, while cryptocurrency is one specific use case of blockchain. Blockchain serves as a decentralized ledger for recording data, whereas cryptocurrencies like Bitcoin and Ethereum utilize blockchain to enable secure, transparent, and peer-to-peer digital transactions. In essence, cryptocurrency relies on blockchain, but blockchain has a much broader range of applications beyond digital currencies.

Smart contracts are self-executing contracts embedded with code that automatically enforces the terms of an agreement when predefined conditions are met. These contracts run on blockchain networks, ensuring they are transparent, secure, and tamper-proof. By removing the need for intermediaries, smart contracts streamline processes, reduce costs, and increase efficiency in executing agreements across various industries.