Blockchain-based projects utilize a decentralized digital ledger technology called blockchain to securely record and verify transactions. This technology allows multiple parties to access and share data without the need for a central authority, enhancing transparency and trust. Common applications include cryptocurrencies like Bitcoin, supply chain management, and digital identity verification. These projects often involve the creation of smart contracts, which are self-executing agreements with the terms directly written into code. By automating processes and reducing the need for intermediaries, blockchain-based projects can increase efficiency and lower costs across various industries, including finance, healthcare, and real estate.