What is Blockchain Technology, and How Does It Work?

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Blockchain is a peer-to-peer decentralized distributed ledger technology that makes the records of any digital asset transparent

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And unchangeable and works without involving any third-party intermediary

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It is an emerging and revolutionary technology that is attracting a lot of public attention due to its capability to reduce risks.

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A decentralized network offers multiple benefits over the traditional centralized network, including increased system reliability and privacy.

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Moreover, such networks are much easier to scale and deal with no real single point of failure.

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The P2P architecture of Blockchains provides several benefits such as greater security compared to traditional client-server-based networks.

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A distributed P2P network, paired with a majority consensus requirement, provides Blockchains a relatively high degree of resistance to malicious activities.

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Although the advent of Blockchain has taken the world by storm, many people still get confused about these two terms.

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Bitcoin is a cryptocurrency, which is an application of Blockchain, whereas Blockchain is simply an underlying technology behind Bitcoin.

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