What is Blockchain

Technology
A secure and decentralized system for recording transactions and storing data on
distributed ledgers. It enables transparent and tamper-proof data storage.

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by Piyush Sontakke
How Does Blockchain Work
1 Data Validation
Transactions are verified and encrypted into blocks using complex algorithms.

2 Consensus Mechanisms
Nodes in the network reach an agreement on the validity of transactions.

3 Decentralized Storage
The data is stored simultaneously across multiple nodes, ensuring security and
reliability.
Benefits of Blockchain Technology
Security Efficiency Transparency

Immutable and transparent Smart contracts automate Real-time visibility of

records reduce fraud and processes, reducing the need for transactions enhances trust and
unauthorized access. intermediaries. accountability.
Use Cases of Blockchain Technology

1 Financial Services 2 Supply Chain Management

Secure and swift cross-border payments, Traceability of goods, anti-counterfeiting, and
transparent lending, and decentralized finance. efficient inventory management.

3 Healthcare 4 Intellectual Property

Secure patient data exchange, medical records Protection of copyrights, royalty distribution,
management, and drug traceability. and provenance verification.
Challenges and Limitations of
Blockchain Technology
Scalability
Transaction throughput and confirmation
times are limited, hindering mass adoption.
Regulatory Compliance
Legal and regulatory frameworks are still
evolving and can pose obstacles.

Energy Consumption
Proof-of-Work consensus mechanisms have environmental concerns due to high energy
consumption.
Future of Blockchain Technology

Continued Expansion Technological Evolution Global Impact

Increased adoption in various Transforming financial systems,
industries and continuous Emergence of new consensus governance, and data management
technological advancements. algorithms and improvements in on a global scale.
scalability and interoperability.