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How is blockchain different from traditional databases? | Forum
ben
Sep 15 '23
lora
Sep 15 '23
Blockchain is decentralized, distributed ledger technology that records transactions across multiple computers in a way that is secure, transparent, and tamper-proof. It consists of a chain of blocks, each containing a list of transactions. Each new block is linked to the previous one, forming a chain. Blockchain differs from traditional databases in that it's decentralized, meaning there's no central authority controlling it. Transactions are validated by a network of nodes, ensuring trust without a central party. For real-world use cases, you can check out this link: https://www.lexology.com/library/detail.aspx?g=8ab1f779-1ebf-4595-87be-0c958fc0ec9d for detailed examples across various industries. As for cryptocurrencies, they use blockchain technology to record and verify transactions. Bitcoin, for instance, relies on a blockchain to ensure the integrity and security of its transactions.
sara
Sep 15 '23
One fascinating example is how blockchain can be used in supply chain management to enhance transparency. Companies can track the journey of products from manufacturing to delivery, allowing consumers to verify authenticity and origin of goods. Furthermore, smart contracts, which are self-executing contracts with the terms of the agreement directly written into code, are an exciting aspect of blockchain. They automate processes, reducing the need for intermediaries in various industries.
