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Blockchain is a decentralized ledger technology that ensures secure and transparent transactions, primarily known for supporting cryptocurrencies like Bitcoin and Ethereum. It operates through blocks of data linked by cryptographic hashes and has diverse applications including smart contracts, supply chain management, and healthcare. The future of blockchain is poised for growth in areas such as decentralized finance, non-fungible tokens, and integration with artificial intelligence and the Internet of Things.

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4 views1 page

BT

Blockchain is a decentralized ledger technology that ensures secure and transparent transactions, primarily known for supporting cryptocurrencies like Bitcoin and Ethereum. It operates through blocks of data linked by cryptographic hashes and has diverse applications including smart contracts, supply chain management, and healthcare. The future of blockchain is poised for growth in areas such as decentralized finance, non-fungible tokens, and integration with artificial intelligence and the Internet of Things.

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keekukeeks
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Blockchain Technology and Its Applications

Introduction

Blockchain is a decentralized and distributed ledger technology that enables


secure, transparent, and tamper-proof transactions. It underpins cryptocurrencies
such as Bitcoin and Ethereum but has applications beyond finance.

How Blockchain Works

A blockchain consists of blocks containing transaction data, linked together using


cryptographic hashes. Key characteristics include decentralization, immutability,
and consensus mechanisms like Proof of Work (PoW) and Proof of Stake (PoS).

Applications of Blockchain

Cryptocurrency: Digital currencies like Bitcoin and Ethereum.

Smart Contracts: Self-executing contracts stored on the blockchain.

Supply Chain Management: Enhancing transparency in logistics.

Healthcare: Securing patient records and medical data.

Future of Blockchain

The future of blockchain includes advancements in decentralized finance (DeFi),


non-fungible tokens (NFTs), and integration with AI and IoT.

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