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Blockchain

isiaka latifat

I Write, Report and Design Digitally ย Mar 12, 2024
Blockchain

Have you been hearing of blockchain but you still don't know what it is?๐Ÿค”


In a simple term  blockchain is a special kind of digital ledger, it's like a record book, but instead of being on paper in one location, it's copied and distributed across a network of computers around the world. This record book keeps track of transactions, like who owns what and how things move from one person to another.


 Special Qualitiesโœจ


โœ…  Distributed: The information/ data  is spread out across a network of computers, making it decentralized and not controlled by any single entity.


โœ… Immutable: Once information is added to the blockchain, it's very difficult to change or delete it. This creates a secure and transparent record of transact  a complex system of codes, to ensure the accuracy and security of information.


โœ… Secure: Blockchain uses cryptography, a complex system of codes, to ensure the accuracy and security of information.


How Does Blockchain Work?


Think of the ledger as a chain of blocks, where each block contains information about a transaction. These blocks are linked together in a chronological order, forming a secure chain. 


โœ… A transaction occurs: This could be anything from sending money to transferring ownership of a digital asset.


โœ… The transaction is verified: Computers on the network, called miners, compete to solve a complex math problem. The first miner to solve it gets to add the transaction to the next block.


โœ…  The block is added to the chain: The new block includes the transaction data and a reference to the previous block, creating a tamper-proof chain.


What is Blockchain Used For?

It is used for: 


โ€ข Finance: Secure and transparent recordkeeping for transactions and ownership.


โ€ข Supply Chain Management: Tracking the movement of goods from origin to destination.


โ€ข Voting: Creating a secure and auditable voting system.


โ€ข Healthcare: Storing and sharing medical records securely.


The Benefits of Blockchain are: 


โ€ข Security: The distributed and tamper-proof nature of blockchain makes it highly secure.


โ€ข Transparency: Everyone on the network can see the transaction history, creating transparency and trust.


โ€ข Efficiency: Blockchain can automate processes and reduce the need for intermediaries.


Blockchain secures, tracks, fosters trust, & streamlines processes for a faster, cheaper, & more transparent tech experience.


Want to learn further? Feel free to email me via my socials 

Twitter๐Ÿ‘‰ https://twitter.com/L_I_G_H_T____ 

Meduim๐Ÿ‘‰ https://medium.com/@latifru27

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