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Consisting of a distributed and decentralised digital ledger, though the blockchain is often associated with cryptocurrencies like Bitcoin, in reality, wherever you require safe transactions, the technology may be used with phenomenal results. After all, it is resistant to data modification and leads to a host of ingenious possibilities.
Blockchain technology is a digital ledger system that enables secure, transparent and tamper-proof transactions. It is a decentralised system that allows multiple parties to access and verify the accuracy of the data stored within it. Blockchain software development is focused on creating and implementing blockchain-based systems and applications. Businesses are finding that blockchain technology can be incredibly helpful in a number of ways. For example, it can help to increase transparency and trust between organisations, enable secure and efficient supply chain management, and facilitate the creation of new business models and revenue streams. Additionally, blockchain technology can help businesses to reduce costs, increase efficiency, and improve overall security.
Notable vendors offering platforms for the blockchain include IBM, Etherium and others.
As with any other software technology, the blockchain should be fit for purpose. We recommend its application in the following areas:
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