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Blockchain Technology: An Introduction
Blockchain Technology: An Introduction - Flow Card Image

Blockchain is a distributed database of records of all transactions or digital events executed and shared among participating parties. Each transaction is verified by the majority of participants in the system. Bitcoin, the most popular cryptocurrency, is an example of blockchain technology.

How Blockchain Technology Works
Bitcoin is a cryptocurrency that uses cryptographic proof instead of third-party trust for online transactions. Each transaction is protected through a digital signature.

Blockchain Decentralization
There is no central server or system that keeps the data of the blockchain. The data is distributed over millions of computers around the world, which are connected to the blockchain.

Blockchain Nodes
A node is a computer connected to the blockchain network. Nodes get connected using a client that helps in validating and propagating transactions onto the blockchain.

Building Trust with Blockchain
Blockchain enhances trust across a business network through its distributed, secure, transparent, consensus-based, and flexible attributes.

Advantages of Blockchain Technology:
- Decentralization
- Security
- Transparency
- Efficiency
- Trust

Disadvantages of Blockchain Technology:
- Scalability
- Energy Consumption
- Adoption
- Regulation
- Lack of Standards

Applications of Blockchain:
- Banking: Leading investment banking companies like Credit Suisse, JP Morgan Chase, and Goldman Sachs are investing in blockchain to improve the banking experience.
- Accounting: Accounting firms like Deloitte and PwC are using blockchain to track confidential data and reduce human error and fraud.
- Airlines: Russian Airlines are securing sensitive data using blockchain technology.
- Hotel Services: Companies like Lufthansa and AirFrance are cutting third-party operators using blockchain.
- Supply Chain: Companies like Unilever and Walmart are using blockchain to track transactions and product history.

Blockchain Project Ideas:
- Cryptocurrency Wallet
- Blockchain Explorer
- Smart Contract
- Voting System
- Supply Chain Management
- Decentralized Marketplace
- Identity Management

Article: https://tinyurl.com/y7bw45m9
Video explanation: https://tinyurl.com/8h49c32v

Categories : Computer Science

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