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Blockchain is a resource tracking system that uses a distributed digital ledger. Simply put, this means that many people have a record of every transaction that takes place in the system. It is most useful for tracking assets and property rights and enabling secure and near-instant transactions.
One of the best use cases of blockchain technology is the stock market. Today every stock is a digital asset. These stocks are bought and sold. They are stored in the accounts of investors around the world. With the help of the blockchain, we can assume All of us use reliable distributed ledgers to track the stocks of large companies.
Every time a new transaction is made for tracking assets, a new entry is added to the general ledger. After a certain number of transactions, these transactions are grouped and recorded as a block, and distributed to all owners of the general ledger.
Since many users have a copy of the registry, it is difficult for them to tamper with, making the system almost immune to piracy. In addition, because distributed ledgers can be stored in many locations, local copies can be used to verify transactions almost instantly. Transaction speed is faster.
You can find blockchain in today's world and outside the world of cryptocurrency. If you are using an American Express card with bonus membership points, you may have used the blockchain unknowingly!
Blockchain is also used for various other purposes, including logistics, web hosting, contracts, and bookkeeping. Blockchain can also be used for many government purposes, including possible voting and election processing. With the transparency and anonymity that blockchain can provide, it is ideal for secure and private online voting.
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