What technology underpins the concept of blockchain? 🔊
The technology underpinning the concept of blockchain is a decentralized digital ledger. This distributed ledger technology enables secure, transparent, and tamper-proof record-keeping of transactions across a network of computers. Every transaction is grouped into blocks and linked in a chronological chain, ensuring data integrity and traceability. Blockchain's decentralized nature eliminates the need for a central authority, enhancing transparency and trust among participants. Its applications extend beyond cryptocurrencies to areas such as supply chain management, healthcare, and voting systems.
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