What technology does blockchain rely on for securing transactions? 🔊
Blockchain technology relies on cryptographic techniques for securing transactions. This decentralized and distributed ledger technology ensures that data is immutable and verifiable across multiple nodes in a network. Each transaction is grouped into a block, which, once confirmed, is linked to previous blocks in the chain. This secure method of recording transactions enhances transparency, reduces the risk of fraud, and fosters trust among participants. Additionally, blockchain supports various applications beyond cryptocurrencies, including supply chain management and identity verification, by providing secure and tamper-proof records.
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