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Blockchain Technology
Blockchain technology is a decentralized, digital ledger that records transactions across a network of computers. It is the underlying technology behind cryptocurrencies such as Bitcoin and Ethereum, but it has far more applications beyond digital currency.
The concept of blockchain technology was first proposed by an individual or group of individuals using the pseudonym Satoshi Nakamoto in 2008. The technology was designed to be secure, transparent, and tamper-proof, making it ideal for use in a variety of industries beyond finance.
Definition
A blockchain is essentially a chain of blocks, each of which contains a set of transactions that have been verified by the network as valid. The block is linked to the previous block through a unique code called a "hash," creating a permanent and unalterable record.
The process of adding new transactions to the blockchain is called "mining." Miners use powerful computers to solve complex mathematical problems, which helps to secure the network and verify the transactions. In return for their work, miners are rewarded with newly minted cryptocurrency.
Benefits
Security:
- The blockchain is secure
FAQs
What is Blockchain Technology?
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