Trust: Blockchain's immutable ledger builds trust among participants, reducing the need for intermediaries.
Security: Transactions on the blockchain are cryptographically secure and tamperproof.
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Blockchain technology is a decentralized, distributed ledger system that records transactions across multiple computers in a way that is secure, transparent, and immutable. Each block in the chain contains a cryptographic hash of the previous block, creating a chain of blocks, hence the name blockchain. This technology has garnered significant attention due to its potential to revolutionize various industries.
Despite challenges, the future of blockchain technology looks promising. As technology evolves and standards develop, blockchain has the potential to revolutionize various industries, driving efficiency, transparency, and trust in transactions.