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Melika
@melikas
Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a 'digital ledger.'
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ErihaNarcisa🔥⚡🎭🐣
@erihanarcisa
This decentralization enhances security, reduces the risk of fraud, and eliminates the need for intermediaries in many transactions.
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ErihaNarcisa🔥⚡🎭🐣
@erihanarcisa
Moreover, the decentralized nature of blockchain means that there is no central authority controlling the network. Instead, transactions are verified and recorded by multiple nodes (computers) in the network through a consensus mechanism, such as proof of work or proof of stake.
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ErihaNarcisa🔥⚡🎭🐣
@erihanarcisa
This structure ensures the immutability and transparency of the data recorded on the blockchain.
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ErihaNarcisa🔥⚡🎭🐣
@erihanarcisa
Exactly! Blockchain technology operates as a decentralized and distributed ledger system where transactional data is stored in blocks that are linked together in a chronological order to form a chain. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
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Nazanin 🎩🐹
@nazii-kn
The foundation of the new Internet, Web3, blockchain technology is transforming the business world day by day with technological advances. According to the study by Fortune Business Insights, the blockchain market size was valued at $17.57 billion at the end of 2023 101 $DEGEN
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Kenneth 🤠
@amirahmadi2068
Thanks, it was interesting information
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Arman 🎩 🎭
@armanmoradi
Typically, this storage is referred to as a 'digital ledger. wow so nice 156 $DEGEN
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