What is Blockchain Technology?

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By now, almost everyone has heard of the term cryptocurrency. You may have even considered investing in it. Moreover, a common term you’ve probably heard several times in the past few months is blockchain technology.

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Even though blockchain technology has been around for more than a decade, people have only recently noticed it because of its potential uses in various industries.

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At its most basic level, a blockchain is a type of shared database that stores data in blocks linked together via cryptography

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As new data comes in, it goes into a new block. Once the block fills up with data, it gets chained onto the previous block, which makes the data chained together in chronological order.

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The most popular application for blockchain technology is in the financial sector. People can use blockchain to streamline transactions and reduce costs.

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– Non-fungible tokens or NFTs – Logistic and supply chain network – Data Storage – Casino and gambling industry – Money transfer – Digital royaltie

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The fact that blockchain technology is decentralized is what makes it so secure. Because there is no central point of control, there is no single point of failure.

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What is Blockchain Technology?

By now, almost everyone has heard of the term cryptocurrency. You may have even considered investing in it. Moreover, a common term you’ve probably heard several times in the past few months is blockchain technology.

Even though blockchain technology has been around for more than a decade, people have only recently noticed it because of its potential uses in various industries.

At its most basic level, a blockchain is a type of shared database that stores data in blocks linked together via cryptography