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Blockchain Technology

Blockchain is a digital ledger that securely stores transaction data in a decentralized and transparent manner. It underlies cryptocurrencies like Bitcoin and has applications across many industries. Blockchain uses cryptography and distributed networks of computers to record transactions immutably in linked blocks, allowing anyone to view transactions while maintaining security. While it offers benefits like increased transparency and security, blockchain faces challenges regarding its scalability, environmental impact, and legal status that require ongoing work to address.

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34 views12 pages

Blockchain Technology

Blockchain is a digital ledger that securely stores transaction data in a decentralized and transparent manner. It underlies cryptocurrencies like Bitcoin and has applications across many industries. Blockchain uses cryptography and distributed networks of computers to record transactions immutably in linked blocks, allowing anyone to view transactions while maintaining security. While it offers benefits like increased transparency and security, blockchain faces challenges regarding its scalability, environmental impact, and legal status that require ongoing work to address.

Uploaded by

imja.m.es.liq.ui.n
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Blockchain Technology

Blockchain is a digital ledger that stores data securely and transparently. It is the
backbone of cryptocurrencies like Bitcoin and has numerous applications in
various industries.

by Arnav
What is Blockchain?

Decentralized Immutable
Instead of being controlled by a central authority, Data on the blockchain cannot be altered or
blockchain is a network of computers that work deleted once it has been added, ensuring integrity.
together to verify and store data.

Transparent Secure
All transactions on the blockchain can be viewed Blockchain uses complex cryptography to secure
by anyone, creating a transparent system. data and ensure that only authorized parties have
access to it.
How Blockchain Works
1 P2P Network

Blockchain is a peer-to-peer network of


computers called nodes that work together
Verification 2 to verify transactions and add blocks to
When a transaction occurs, it is added to a the chain.
block along with other transactions. This
block is verified by nodes on the network.
3 Adding to the Chain

If the block is valid, it is added to the


chain, creating an immutable record of all
transactions.
Benefits of Blockchain

Increased Security Transparency

Blockchain uses cryptography to secure transactions, All transactions on the blockchain are transparent,
making it highly resistant to hacking and fraud. allowing for greater accountability and trust.

Greater Efficiency
Applications of Blockchain
1 Finance

Blockchain is being used to streamline payment processing, aid in identity


verification, and create new financial instruments like smart contracts.

2 Supply Chain Management

Blockchain is being used to create more transparent and efficient supply chains,
making it easier to track products and reduce fraud.

3 Healthcare

Blockchain is being used to improve medical record keeping and ensure that patient
data is kept secure and private.
Challenges and Limitations of Blockchain

1 Scalability Issues 2 Environmental 3 Legal and Regulatory


Impact of Mining Challenges
The size of the blockchain
can grow rapidly, making it Blockchain mining
difficult to process and requires a huge amount of The legality of blockchain-
store data on all nodes. energy, leading to concerns based transactions and
about its environmental contracts is still unclear in
impact. some jurisdictions, creating
legal and regulatory
challenges.
Conclusion

Future of Blockchain Opportunities

Blockchain has the potential to transform many As blockchain technology continues to evolve, there
industries and create new opportunities for businesses will be many opportunities for innovation and new
and individuals. applications.

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