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The benefits of blockchain technology are many. This distributed ledger technology offers a number of advantages, including the ability to increase transparency, which may be a contradiction. However, this technology can actually work to provide all of these benefits, and more. Read on to learn more about how blockchain can benefit your company.
Blockchains use a consensus mechanism called proof of work to make transactions possible. It is possible to make a valid block only if all the nodes agree that it is. The process of network validation is made easier by hash functions. The process is easy to understand and can make any novice at blockchain technology feel confident. But if you're still confused, keep reading.
A blockchain is a digital ledger that shows the movement of both intangible and tangible assets. Each block contains data that is inserted into a chain and linked securely to each other. As an asset moves from one place to another, a new block is inserted in between the old one and confirms the sequence of transactions. This process is done continuously, and no single individual can change or delete the information in the chain.