Applications and Benefits of Blockchain Technology

Blockchain Technology
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Blockchain Technology
Blockchain is the technology that is commonly used in enabling the existence of cryptocurrency. On the other hand, Bitcoin is the best-known cryptocurrency that led to the invention of blockchain technology. Cryptocurrency is the medium of exchange like the US dollar (Yaga et al., 2019). Still, it is used digitally, and it vastly uses encryption mechanisms to regulate the creation of monetary units and verify the transfer of units.
Blockchain is the decentralized ledger that takes care of all transactions across all networks. Through technology, participants can confirm their transactions without going to the central clearing authority. Potential clients can also include fund transfers, settling debts, and so many other issues (Pilkington, 2016). Blockchain has fronted numerous mechanisms of making income to several generations. People have opted to transact digitally, creating several business avenues for the youths. The business is not limited to the few but to all willing to carry out their transactions digitally.
From a busine...