Blockchain technology is a digital ledger that records and verifies transactions and data across a network of participants. It has many benefits for businesses and individuals, such as:
- Efficiency: Blockchain simplifies and automates processes, reduces paperwork and errors, and eliminates the need for third parties or intermediaries to validate transactions12.
- Transparency: Blockchain provides a shared and immutable record of transactions and data that can be accessed by all network members with permission. This ensures full visibility and accountability, and prevents fraud and manipulation12.
- Security: Blockchain encrypts and links each transaction to the previous one, creating a secure and tamper-proof chain of data. It also distributes the data across multiple nodes, making it difficult for hackers to access or alter it123.
- Traceability: Blockchain creates an audit trail that tracks the origin and history of an asset or information at every step of its journey. This helps verify the authenticity and quality of products, services, or data, and provides proof of ownership and compliance13.
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