BLOCKCHAIN
A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.
What is block chain example?
Financial services use blockchain to accelerate transactions and speed up close times. Some banks also use blockchain for contract management and traceability purposes. For example, PayPal, the online payment platform, launched a blockchain-based service in 2020 that lets users buy, hold and sell cryptocurrency
Why blockchain is used?
Blockchain increases trust, security, transparency, and the traceability of data shared across a business network — and delivers cost savings with new efficiencies. Blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission.
Where is blockchain used?
Blockchain can also be used to reduce fraud and other trust-related issues in digital ad buying. Blockchain has a wide range of applications in healthcare, including improving payment processing, electronic medical records, provider directories, and data security and exchange.
What are the 4 main components of blockchain?
The are 4 elements of a Blockchain network: