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Blockchain

Blockchain is a decentralized and distributed ledger technology that securely records transactions across multiple computers, ensuring transparency and tamper-proof data. It has various applications, including cryptocurrencies, supply chain management, healthcare, voting, and digital identity. The technology offers advantages such as security, transparency, immutability, and efficiency, making it a transformative force across industries.

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25 views2 pages

Blockchain

Blockchain is a decentralized and distributed ledger technology that securely records transactions across multiple computers, ensuring transparency and tamper-proof data. It has various applications, including cryptocurrencies, supply chain management, healthcare, voting, and digital identity. The technology offers advantages such as security, transparency, immutability, and efficiency, making it a transformative force across industries.

Uploaded by

Priyanka
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Blockchain is a decentralized, distributed ledger technology (DLT)

that records transactions across many computers. 1 Think of it like a digital


notebook that is shared among many people.

Here's a breakdown of the key concepts:

 Blocks: Transactions are grouped into blocks, like pages in a


notebook.2

 Chain: Each new block is added to the previous one, forming a


chain.3

 Cryptography: Each block is secured using cryptography, making


it tamper-proof.4 Once a block is added to the chain, it cannot be
altered or deleted.5

 Decentralization: Instead of being stored in one central location,


the blockchain is distributed across a network of computers. 6 This
makes it more secure and transparent.

 Consensus: Before a new block can be added to the chain, it must


be verified by the majority of the network participants. 7 This ensures
accuracy and prevents fraud.

In simple terms, blockchain is a secure and transparent way to


record and share information without the need for a central
authority.8

Applications of Blockchain:

 Cryptocurrencies: Blockchain is the underlying technology for


cryptocurrencies like Bitcoin and9 Ethereum.10

 Supply Chain Management: Blockchain can be used to track11


goods and ensure their authenticity as they move through the
supply chain.12

 Healthcare: Blockchain can be used to securely store and share


medical records.13

 Voting: Blockchain can be used to create a more secure and


transparent voting system.14

 Digital Identity: Blockchain can be used to create a secure and


portable digital identity.15

Advantages of Blockchain:

 Security: Blockchain is highly secure due to its decentralized


nature and use of cryptography.16
 Transparency: All transactions on a public blockchain are visible to
everyone.17

 Immutability: Once a transaction is recorded on the blockchain, it


cannot be altered or deleted.18

 Efficiency: Blockchain can streamline processes and reduce costs


by eliminating the need for intermediaries.19

In conclusion, blockchain is a revolutionary technology with the


potential to transform many industries by providing a secure,
transparent, and efficient way to record and share information.

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