Blockchain technology, often associated with cryptocurrencies, has gained significant attention in recent years. However, understanding its inner workings can still be a challenge for many. In essence, blockchain is a type of digital ledger technology (DLT) that emerged in the late 20th century. DLT acts as a digital database that allows for the simultaneous use and sharing of information, much like a record book or ledger. The decentralized nature of blockchain ensures that transactions are secure and transparent, while also eliminating the need for intermediaries. Despite its potential, blockchain faces various challenges, including scalability and regulatory concerns.
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