BLOCKCHAIN TECHNOLOGY: FUNDAMENTAL AND APPLICATIONS
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Pay NowPublished Date: 2024-06-01
Author Name: Er. Kapil Sahu, Mr. Sachin Malviya, Ms. Sakshi Dubey, Ms. Riya Upadhyay
Blockchain technology is a decentralized digital ledger system that records transactions across multiple computers in a way that ensures security, transparency, and immutability. Each block in the chain contains a list of transactions, and once a block is added to the chain, the information it holds cannot be altered without altering all subsequent blocks, which requires consensus from the network. This technology underpins cryptocurrencies like Bitcoin and Ethereum but extends beyond financial applications. It is used in various industries for purposes such as supply chain management, where it enhances traceability and reduces fraud, and in healthcare, where it secures patient records. Additionally, blockchain is utilized in voting systems to increase transparency and reduce electoral fraud, and in digital identity management to provide secure and verifiable identity solutions. The potential for blockchain technology to revolutionize processes by providing secure, transparent, and efficient systems is vast, making it a significant innovation in the digital age.