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What is Blockchain Technology?
Blockchain technology is a decentralized and distributed digital ledger technology that records transactions across multiple computers or nodes. It is known for its key features:
1. *Decentralization*: Instead of relying on a central authority (like a bank), blockchain transactions are verified by a network of computers, making it resistant to control and manipulation.
2. *Transparency*: Transactions are recorded in a public ledger that is visible to all participants in the network. This transparency helps build trust.
3. *Security*: Transactions are cryptographically secured and linked to previous transactions. Once recorded, it’s extremely difficult to alter or delete them.
4. *Immutability*: Data on the blockchain is permanent and cannot be changed or deleted. This feature is valuable for maintaining a trustworthy transaction history.
5. *Smart Contracts*: Blockchain can also execute self-executing contracts (smart contracts) based on predefined conditions. These automate and enforce agreements without intermediaries.
Blockchain is most commonly associated with cryptocurrencies like Bitcoin, where it serves as a ledger for recording all transactions. However, its applications go beyond digital currencies and have potential uses in various industries, including supply chain management, voting systems, healthcare, and more, where a secure and transparent record of transactions is beneficial.
Course Content
Blockchain Technology
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What is Blockchain Technology
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About Blockchain Technology
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