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Blockchain has been transforming various industries, enabling companies to significantly enhance security, reduce risks, increase transparency, and automate numerous business processes.
In this blog post, we provide a detailed overview of blockchain applications and offer advice on how to start building one. We cover the fundamentals of this technology and some of its most interesting use cases.
What is a blockchain?
Blockchain is a type of distributed ledger technology (DLT) that records transactions across multiple computers in a way that ensures the data is secure, transparent, and tamper-proof.
It is a collaborative, unchangeable ledger that simplifies transaction records and asset tracking within a business network.
Each transaction is grouped into a “block,” which is then linked to a chain of previous blocks, creating a chronological and unalterable record. When a transaction occurs, it is broadcast to a network of computers (nodes) for validation. These nodes use consensus algorithms, such as Proof of Work or Proof of Stake, to agree on the validity of the transaction.
- Proof of Work (PoW): In PoW, miners compete to solve complex mathematical puzzles to validate transactions and add them to the blockchain. This process requires significant…
