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Introduction to BlockChain



Today's buzzing technology is Blockchain having immense advantages. It is predominantly considered to be used in finance sector as the first practical use of blockchain infamously known Bitcoin. Bitcoin was first released as white paper by Satoshi Nakamoto. From 2008  blockchain is incepting its importance in almost every field like medical, real estate, voting, food safety, etc.


Blockchain is a collection of blocks which are linked together to form a chain considering this the mass is shifting towards blockchain. Due to its security and transparency where digital information is recorded and distributed, but not edited.


Why should we Trust Blockchain:
  • Transparency: Every participant in the network has a copy of data of all the transactions which are taking place in a particular blockchain which cannot be modified by any user.
  • Secure: For its security Blockchain depends mainly on the cryptography which works on the hashing function.
  • Inexpensive: In the traditional banking system while transferring money from one account to another a transaction fee is charged by the bank whereas transferring money through blockchain does not charge anything from the user.
  • Safety of Business: Since Blockchain is an open-source ledger, therefore, it is very easy to identify if there is a fraud because all the transactions are being recorded.

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