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Blockchain technology works in a decentralized way.
Blockchain technology is a distributed database ledger that is shared among the participants of the whole network. Like every database in the world, it stores information electronically.
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The difference with the common databases is that blockchain works in a decentralized way, cannot be altered once secured by the network and is transparent to everyone.
There is no need for a central server to secure the network, the node participants are holding a copy of the ledger ensuring with this way that the network is secure, and no malicious actor can double spend a transaction.
Blockchain technology is a revolution for the internet fighting the old centralized systems and ways of doing things.
Technology itself provides the opportunity to create decentralized applications, decentralized systems. Every industry in the world will implement this technology soon. Why?
Because it’s not a common database.
It provides people innovations that were not available before, like sending money on weekends with minor fees or holding in a wallet multiple things digitally.
The most important thing about blockchain technology is that it allows people no longer to need anybody to have access to their data and funds.
Your keys, your crypto.
Your password, your data.
I imagine in a few years that companies will approach people to give them access and pay them for their data.
The next decade of blockchain is going to be great for blockchain technology for even more adoption. I am convinced that it can replace every centralized database in the world with success.
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