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Introduction to Blockchain and its Use Cases
What is Blockchain?
Blockchain is a distributed ledger technology that enables the secure storage and transfer of digital records. It was first developed in 2008 as part of the cryptocurrency Bitcoin but has since expanded to many other applications. The term “blockchain” describes how data is stored within a network; each block contains an immutable record of all previous transactions on the blockchain, which are linked together using cryptography. This creates an unchangeable chain of information that can be used for anything from financial transactions to contracts or even voting systems.
The concept behind blockchain is relatively simple: it allows users to securely store and share data without relying on third-party intermediaries such as banks or governments for authentication and verification. By leveraging cryptographic algorithms, participants in a blockchain network can verify one another’s identities without having to trust any single entity with their personal information or funds. This makes it far more secure than traditional banking systems, where there may be potential points of failure due to human error or malicious actors attempting frauds like identity theft. Furthermore, because records are immutable once they have been added to the chain (i.e., cannot be changed), they become much more challenging for…
