Overview of Blockchain Technology||Home Work Submitted By @beckie96830 (Post set to power up 100%)

Blockchain is a data recording mechanism that makes it hard or impossible to alter, hack, or cheat the system.

A blockchain is a digital transaction ledger that is duplicated and distributed on the blockchain through the whole network of computer systems.

Each block in the chain includes several transactions, and a database of that transactions is added to the ledger of every member every time a new transaction occurs on the blockchain. Distributed Ledger Technology is defined as a shared database operated by many users (DLT)

Blockchain is a DLT form in which transactions are registered with a hash named an irreversible cryptographic signature.

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This implies that if one block in one chain was altered, it would be instantly obvious that it had been manipulated. They would have to change every block in the chain, through all the distributed versions of the chain, if hackers were to corrupt a blockchain system.

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As blocks are added to the chain, blockchains such as Bitcoin and Ethereum are continuously and continually increasing, which greatly adds to the protection of the ledger.

How Blockchain has changed Finance

Trillions of dollars are being transferred every day by the global financial system. But some drawbacks in this system include the addition of costs through processing fees and delays, the development of friction through repetitive and onerous documentation, and transactions vulnerable to fraud and crime.

Every year, professional services and financial markets suffer from economic crime. They are resistant to change and susceptible to system failures and attacks because of the centralized existence of these financial structures.

Likewise, financial structures have become exclusionary, denying billions of people access to basic financial instrument.

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This financial system's inefficiency has become a crucial element of economic vitality and development.

But the solution to this inefficiency of the financial system has emerged: the blockchain.

Blockchain can optimize or move assets more efficiently than the current financial system to the global financial infrastructure.

Research has shown that in a long time, Blockchain can reduce transaction costs and introduce improvements to the financial sector.

Similarly, commercial banks are aggressively developing and implementing blockchain technology in the sense of the proliferation of blockchain to strengthen the current centralized banking structure.

In financial organizations, intermediaries are cut out by using Blockchain's protection, immutability, Blockchain transparency

Also, by reducing costs and value transfers, blockchain technology has changed the business model of conventional banks.

In a centralized database, commercial banks no longer need to spend a lot of money, as terminal maintenance and purchase costs are high

Blockchain technology has solved the challenges faced by the global financial system through its decentralized ledger and Blockchain automation by building a model with low costs and transparency.

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Becky

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