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BLOCKCHAINTECHNOLOGYIN THE INDUSTRY OF CRYPTOCURRENCY
What Is BlockchainTechnology? Blockchain technology is mainly a structure that possesses the capability to store all the transactional records of people in severaldatabases. Here,thetransactionalrecordsareconsideredas‘block’andasitcontainsvariousdatabasesfor storing transactional records, it is known as‘chain’. While being in a network, these are connected with the help of peer-to-peer nodes, and this kind of storage is known as a ‘digitalledger’.
Benefits Of BlockchainTechnology Following are some of the benefits of blockchaintechnology: Issueslikelimitations,loopholes,misallocationoffunds,andequitygapsthatoccurinthe centralized financial systems can be eradicated with the help ofblockchain technology. Thedecentralizedframeworkofblockchaintechnologyallowspeopletoownthedecision- makingauthority. Blockchaintechnologysecuresfinancialtransactionsandenhancestransparencyinthe systems. There is a minimal scope of exploitation of theindividuals.
What Is ACryptocurrency? Cryptocurrency is digital money or a virtual currency that is secured with the assistance of cryptography. There is no physical coin or denominations that an individual can touch. However, all the transactions are made online, and is nearly impossible to counterfeit or double-spend suchcurrencies. Examples of cryptocurrencies are as follows: BitcoinBinancecoinEthereumLitecoinTron
How Blockchain Technology Is Related To The Cryptocurrencies? As a matter of fact, blockchain technology is the base of cryptocurrency that brings various innovative arenas in the domain of finance, real estate, voting, education, sharing of data, and a lotmore. Both of them are interconnected to each other as blockchain contains the history of all the transactions that exist in anetwork. The decentralized use of technology in the contexts of cryptocurrencies assists individuals to make money and make secure payments anonymously. The sole proprietorship lies in the hands of theowner.
Example Of Relevance Of Blockchain Technology In The Industry OfCryptocurrencies Oneofthebiggestexamplesoftherelevanceofblockchaintechnologyintheindustryof cryptocurrenciesisthenewhighestmarkofthecryptocurrency,Bitcoin.OnFebruary16,2021, it once again set a new benchmark when it hit the level of $50,602 which was up by 5% from the last trading session and was up by72% in the year so far.
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