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What is Blockchain Technology | Importance and Types #blockchain



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What is blockchain Technology, It’s Importance, and its Types
Blockchain is one of the fastest adopting technologies globally for its interesting features, such as decentralization, transparency, and immutability. But what is blockchain all about? Why is there so much demand for it across startups, banks, and governments? Here are all your answers.
What is a blockchain?
In simple terms, a blockchain is a decentralized distributed ledger or simply a tracking sheet that stores the list of transactions across multiple computers in a network. Now, you might ask how it is different from the bank’s ledger or track sheet. A bank’s ledger is a centralized ledger where the bank keeps track of all your transactions, account balances, etc. banks can use this data for several different purposes to suit their business needs. However, the ledger in a blockchain is a decentralized ledger, meaning nobody has control over this data.
How does blockchain work?
Simply a blockchain is a set of blocks that keeps adding to the chain whenever a new request is initiated. The block basically consists of three elements: the data, the address of the previous block, also known as ‘hash’, and the current block hash.
Why do we need blockchain?
Here are some of the reasons why blockchain technology has huge importance:
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