Blockchain technology, which is the foundation of cryptocurrencies like Bitcoin, has gained significant attention in recent years. However, its inner workings remain a mystery to many. This overview aims to shed light on the uses and challenges of blockchain based on available information. Originally, blockchain emerged as a component of digital ledger technology (DLT) in the late 20th century. DLT functions as a digital database that stores information in a shared and accessible manner. It has the potential to revolutionize various industries by providing transparency, security, and efficiency. Nevertheless, there are obstacles to overcome, such as scalability and regulatory concerns, before blockchain can reach its full potential.
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