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What Is Blockchain Technology? INVESTING AN CRYPTOCURRENCY Those who are into investing and cryptocurrency have likely used the term “blockchain” in their language before. But this foreign term can strike up confusion in many individuals, especially if you’re newer to this side of the finance world.
WHAT IS BLOCKCHAIN TECHNOLOGY? Blockchain can be understood as a database, digital collections of information, but differs in a few specific ways. Blockchain technology collects information in groups that can hold up to a certain amount of storage. While blockchain is primarily used for the sake of storing cryptocurrency transactions, it has also been known to be used to store things like legal contracts and product inventories.
HOW DO PEOPLE USE BLOCKCHAIN? The banking and finance industry has undoubtedly benefited the most from this technology. Blockchain technology has also begun being used in healthcare as a means to store patients’ medical records. It is also being used to keep records of property, verify smart contracts, keep track of supply chains for wholesalers and has even begun being tested in the voting process.
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