What is Blockchain Technology?

What is blockchain? To put it quite simply, a blockchain is a ledger that is distributed. Since the rise of Bitcoin in 2008, blockchain technology has evolved and made a name for itself across global supply chains, healthcare, financial services and many other industries. It is no surprise that innovators and industry leaders are looking for ways to integrate blockchain into their businesses as the benefits are significant. It not only provides better security and transparency but also increases efficiency and traceability. Security Security is one of the main benefits of blockchain technology. Due to its decentralised nature, blockchain brings the opportunity to change how critical information is shared and stored. Information stored on-chain is encrypted end-to-end and can’t be altered, preventing unauthorised activity and fraud. Transparency Blockchain’s greatest asset is its transparency. As previously mentioned, blockchain is a distributed ledger, which means all participants see identical information. The shared version can only be updated through consensus and is monitored with a time and date stamp, providing complete,…

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