Blockchain technology is a decentralized ledger technology that enables secure and transparent data sharing, transactions and storage. It is a digital record of all transactions that take place between two parties, without the need for intermediaries.
The three pillars of blockchain technology are:
1. Decentralization: This refers to the distributed and decentralized nature of the blockchain network. Transactions are verified and recorded by a network of nodes, rather than a single central entity, making it resistant to censorship and fraud.
2. Transparency: All transactions on the blockchain are visible to everyone on the network in real-time, providing complete transparency and reducing the likelihood of fraud or corruption.
3. Security: The blockchain uses advanced cryptography to secure data and transactions. The decentralization and redundancy of the network make it significantly more secure than centralized systems.
What is block chain technology? Briefly explain the three pillars of block chain
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