The blockchain technology

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23 Jan 2023
20

Blockchain Technology Overview

Blockchain technology is a distributed ledger system that uses cryptography to secure and validate transactions. It allows multiple parties to have access to the same data, without the need for a central authority or intermediary. This makes it resistant to tampering and hacking, and allows for secure and transparent record-keeping. The most well-known application of blockchain technology is Bitcoin, but it has the potential to be used in a wide variety of industries, such as finance, supply chain management, and voting systems.

Blockchain technology is based on a decentralized, distributed ledger that records transactions across a network of computers. These transactions are grouped together in blocks, and each block is linked to the previous one, creating a chain of blocks, hence the name "blockchain."

The key feature of blockchain technology is that once a block is added to the chain, the information it contains cannot be altered or deleted. This is because each block in the chain contains a unique digital signature, called a "hash," that is generated from the data in the block. If any part of the data in a block is changed, the hash will also change, making it immediately apparent that the block has been tampered with.

Because the blockchain is decentralized, there is no central authority controlling it. Instead, the network is maintained by a network of computers, called "nodes," that work together to validate and add new blocks to the chain. These nodes are incentivized to participate in the network by receiving rewards in the form of cryptocurrency, such as Bitcoin.

The transparency of the blockchain makes it well suited for a variety of different use cases. For example, in finance, it can be used to create digital assets that can be traded peer-to-peer without the need for a central clearinghouse. In supply chain management

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